Wondering how your homebuying needs stack up to others’? Here, we break down three types of buyers and the house styles they generally look for when shopping for a home.
1. The family
This is typically a couple in their mid-40s with a few kids. They have an annual income of about $95,000 and are looking for more space.
These families are looking for house styles with at least four bedrooms (or three bedrooms with a bonus room or office), a living room for the adults and a den for the kids.
Some couples lack confidence when selling their current home—they worry that they won’t find the bigger home they want, so they’re hesitant to put their house on the market.
If this is your situation, you could include a contingency to sell your current home when making an offer on the new house you want. That way, if your home doesn’t sell in time and you need to back out, you’re protected from losing your earnest money deposit.
Keep in mind, homes are moving fast in the current seller’s market, and many are selling in less than 60 days.
Typical style: Traditional two-story home with two-car garage and yard, in a neighborhood
Average price: $250,000
Average size: 2,100 square feet
2. The couple with no kids
The modern family structure is changing as some people wait longer to start a family or simply decide to keep it a twosome. With fewer expenses going toward raising a family, these homebuyers generally have more to spend on pets, furniture and amenities.
For them, the priority is often location, location, location. But rather than looking for the right school district, they may favor urban settings that offer access to downtown areas or restaurants and bars.
Typical style: 1½-story home in a more urban setting
Average price: $200,000
Average size: 1,700 square feet
3. The singles
More than 1 in 5 buyers is female, making women one of the strongest emerging buyers in the market, according to the Joint Center for Housing Studies. For both single male and female buyers, their income averages from $50,000 to $58,000 per year, and most are typically in their late 40s.
One of the biggest obstacles for some single first-time homebuyers is debt from school loans, which makes it more challenging to save up for a strong down payment on a house. If this is a concern for you, you could look into down payment assistance programs. There are more and more incentives now that make it easier for first-time homebuyers.
Typical style: Bungalows, cottages and townhomes
Average price range: $150,000–$175,000
Average size: 1,500–1,570 square feet
Keep it up. You're getting smarter about home buying.
Deputy Dustin Francis (Video)
Find out how our first-time homebuyers get help at every step of the process.
What Steps Should I Take to Buy a Home? (Article)
See the big picture of buying a home, from prequalification to closing.
When Is Mortgage Insurance Required? (Article)
See why lenders require mortgage insurance and how it impacts your loan.
Loans, lines of credit and credit cards are subject to credit approval.
Branch Banking and Trust Company, Member FDIC.
Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.