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Composition of Texas homebuyers grows more diverse

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Happy African-American couple accepts keys for their new house in front of a For Sale sign.

04/10/2017 | Author: Editorial Staff

The Texas Homebuyers and Sellers Report, released today by the Texas Association of REALTORS®, shows an increase in the ratio of single homebuyers in Texas, a growing number of minority buyers, and affordability challenges across the state. 

"The profile of Texas homebuyers is as diverse as Texas itself, continually broadening as the demand for Texas real estate grows," said Vicki Fullerton, chairman of the Texas Association of REALTORS®. "At the same time, rising home prices, lower household incomes, and tight lending standards are making it increasingly difficult for some Texans to afford a home."

Single female homebuyers represent 19% of all Texas buyers—up 5 percentage points from the previous report—and the ratio of single male homebuyers rose 2 percentage points to 9%. Texas homebuyers who identify as Hispanic now account for 14% of all buyers and make up 27% of first-time homebuyers. African-Americans account for 6% of all Texas homebuyers and are the group of minority buyers most likely to be repeat homebuyers, at 27%.

The median age of first-time buyers in Texas increased three years to 35 years old, while the median household income among Texas homebuyers declined 3% year-over-year to $94,200. The median home price paid by Texas homebuyers was $215,000—higher than the Real Estate Center at Texas A&M University's estimate of $150,000 for the price paid by the typical entry-level or first-time buyer. According to the report, 44% of Texas homebuyers waited six months to a year to save for a down payment—only 10% waited that long in last year's report.

"As obstacles to purchasing a home increase, soaring property taxes due to a lack of accountability when tax rates are set at the local level have made it difficult for Texans to continue to afford that home," concluded Fullerton. "The Texas Association of REALTORS® supports Senate Bill 2 and House Bill 15 to bring honesty and transparency to the property tax rate setting process and facilitate property owner engagement in that process."

Categories: Research, Buyers, Sellers
Tags: research, first-time homebuyers, texas homebuyers and sellers report

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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