A national look at today's condominium buyers.
Today's demographics represent a new paradigm in households. The classic "Parents with 2 kids" size home is quickly becoming a minority. Add congested commutes, energy costs and lack of free time to get several reasons why condominiums are gaining popularity.
More specific characteristics of buyers include:
- More than 30% of the buyers were one-person, female-headed households, and about 21% were single males. Another 19% were married couples without children.
- About 31.5% had a bachelor's degree and about 27% had some college education.
- Condo buyers represented a broad economic spectrum. About 22% had incomes between $20,000 and $39,999; and 20% had incomes between $40,000 and $59,999. High-end buyers with incomes exceeding $80,000 accounted for a quarter of the market.
- The value of the condos they purchased also varied. About a quarter of the condos sold for between $150,000 and $250,000. More than 40% were priced below that range and almost one-third were more expensive. At the high end, 5% sold for more than $600,000.
- The share of Hispanic condo buyers increased from 7.8% of the market in 1997 to 10.5% in 2005. The share of non-Hispanic blacks also increased, surging from 3.1% in the recessionary year of 2001 to 8.7% in 2003.
- The share of condo buyers who are under age 25 has also been on the rise, with their share climbing from 4.9% in 1997 to 11.7% in 2005.
- By contrast, the share of condo buyers aged 65 and older has been declining - from a 22.6% market share in 1997 to 14.3% in 2005.
"The trends show that minority buyers and buyers younger than age 25 are becoming a larger share of the market for condos," the study says.
We have taken this national data to heart, but we all know the Treasure Valley is unique. Take a look at the condominium options available today. I think you'll discover a fresh look at housing.
Bryant