Skip to main content

California's Future Home Buyers - Converting Renters into Buyers

1675 Surveys taken in California, stats gathered from 23% Northern Coastal California and 77% Southern California

AVG BUYER DEMOGRAPHICS
  1. 25 to 34 yrs of age
  2. 63% Female/37% Men
  3. 4yr Degree+ avg
  4. 30% make 100k+ which is average
    1. 48% made 50k min
AVERAGE RENTER DEMOGRAPHICS
  1. 54% Female/46% Male
  2. 42 yrs average age
  3. 58% Single/37% Married
  4. 30% Bachelor's Degree or higher
  5. 54% Caucasian
  6. 61% Single Moms (31% Single with Kids/30% No Kids)
  7. $30k Income Avg
  8. Have major Student Loan Debt
    1. 50% Have no Debt
    2. 26% Credit Card Debt
  9. 6% Own RE now/26% previously owned/68% have never owned
  10. Of Renters 2Bd/1.5Ba is average
    1. 51% live in Apts
    2. 27% SFR
    3. 15% Other
  11. Reasons to Rent
    1. 30% Reasonable Rate
    2. 22% Neighborhood
    3. 10% Amenities
    4. Least Important is Schools
  12. Avg Tenure 5+yrs
    1. 38% of Renters will pay $1,000
    2. 32% of Renters will pay $1500
  13. Avg Rate Increase is 3%
  14. 52% Expect to Buy a Home
    1. of the 52%, 56% of said they would use a Realtor to buy a home
      1. of the 56%, 47% will look Online first
      2. 22% will contact a Realtor 1st (this number is diminishing annually)
      3. 15% will refer to Family/Friends first
  15. Home Ownership is important to the Renter because of:
    1. 47% said Generational Equity
    2. 44% said Freedom/Lack of Control
    3. 35% Pride of Home Ownership
    4. 24% Tax Breaks
    5. 26% Privacy/Noise
    6. 4% No Advantages
  16. Affordability is why people rent!
    1. Only 32% of people can afford to buy in Cali right now
  17. Dislikes of Renting:
    1. No Equity
    2. No Freedom/Control
Overall, younger generation has more minorities and more single people with lower incomes and starter homes will be critical in the future.  Diversification of target markets will appear due to the strength in foreign buyers and cultural changes in the purchasing environment.  Suggestion to utilize financial literacy programs to promote within local groups to assist in the purchasing.


Brought to you by Carmen Hirciag, C.A.R.
Notes taken from the webinar by Christine Cerda, Realtor, Guarantee RE, Fresno, CA
www.ChristineCerda.com

see www.car.org for more info, go to the data/speeches & presentations area to find the power point information on the stats

Comments

Post a Comment

Popular posts from this blog

🔳🟥🔲🟩 The New Syrian Economy 🟩 🔲 🟥🔳

  2020   Int'l Golden Rule of Economy for  Syria Conflicts ~BY Christine Cerda 🌟 https://about.me/christine.cerda 🔳 🟥 🔲 🟩   $226B Loss in GDP Syria Conflicts 2016  🟩   🔲  🟥 🔳 (8) 24/7 🔳  EXPLORATION  🔳 Altruism 🔳 International Relations Reciprocity https://en.wikipedia.org/wiki/Reciprocity_(international_relations) Commoditization Solutions https://securitiesce.com/definitions/5756-interlocking-directorate/ 🔲  INNOVATION  🔲  Quantum Evolution*  In the  United States , the  Clayton Act   prohibits interlocking directorates by U.S. companies competing in the same industry, if those corporations would violate  antitrust laws  if combined into a single corporation. However, at least 1 in 8 of the interlocks in the United States are between corporations that are supposedly competitors   https://en.wikipedia.org/wiki/Interlocking_directorate ⬜️ AIR/ENVIRONMENT 🟫  Games, Experiment ⬜️ Reject Hate Speech and Dividing Expression   Histo
Post a Comment
Read more

Short sales soar in California, U.S. - latimes.com

Short sales soar in California, U.S. - latimes.com The short sale phenomenon can only be as successful as the individuals who are attempting to work at them. Until we've educated our ourselves on the Benefits, Features and Outcomes of the positive nature of the Short Sale, the industry will never be strong enough to offset the political tension between the President and the Banks.
Post a Comment
Read more