Everything you Need to Know About First-Time Home Buyers

October 30, 2018

Central Ohio home buyers tend to have to dig to find a house on the market—and for first-time home buyers, this can be a daunting task. Luckily at Trinity Homes, we make it easy for buyers to find or custom build their dream home without having to search off the grid. Here’s what you need to know about first-time home buyers, a market that made up 34 percent of all home buyers last year.

Who They Are

So, what do these first-time home buyers look like? The average first-time buyer is 32 years old with a household income of $75,000. About 58 percent of these buyers are married couples, 18 percent are single females, 14 percent are unmarried couples, and 8 percent are single males.

Over half say their reasoning behind purchasing a house is to finally be the owner of their own home. This follows the finding that 74 percent of buyers had previously rented before seeking out a house of their own.

How They Afford a New Home

There are plenty of ways to purchase a house. From savings, to gifts, to loans, to asking the tried-and-true “Bank of Mom and Dad,” there are resources out there to aid those hoping to have a place to call their own. Here’s how these homes are being financed:

Although 26 percent list saving money for a down payment as the biggest hurdle to buying a new home, 78 percent of down payments are paid via savings. Other sources include gifts, sale of stocks or bonds, 401k/pension fund, loans from friends or family, inheritance, or an IRA. The median down payment is 5 percent with a median purchase price of $190,000.

What They Are Looking For

Studies show that first-time home buyers are willing to cut spending on luxurious items, entertainment, and vacations in order to save for their dream home. But, what are home buyers looking for in a new home that justifies these spending sacrifices?

About 84 percent of home buyers purchase a home in a suburban area, with single-family homes being the majority of homes bought. About 58 percent of home buyers say “it was just the right time” when asked why they bought when they did.

Are you a first-time home buyer? Contact a Trinity Homes sales representative today to get started on finding your dream home.

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Commonly Asked Questions

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Our family at Trinity Homes is made up of people just like you. Our understanding of how families want to live is incorporated into every home that we build. We understand that building a home is about so much more than just selecting a design and constructing it. We also understand that building a home is a huge life decision that comes with a lot of questions. Here are some of the most important and common questions we get to help you get started. Where does Trinity Homes build? We build all throughout the Central Ohio area, with communities in: Dublin Galena Plain City Grove City Pickerington Delaware Explore our communities here . What types of floor plans do you offer? At Trinity Homes, we have 26 customizable floor plans designed to match the needs of every stage of life and lifestyle. Whether you're growing your family, looking to downsize, or need to accommodate multiple generations under one roof, we have a layout that can be customized just for you. Do you have move-in ready homes? While we can help build your home from start to finish, we also have an inventory of quick move-in homes that are already nearing completion. View available move-in ready homes here . What amenities are included in your communities? Amenities vary by neighborhood but may include walking trails, parks, pools, and clubhouses. We'll help you find the community that best suits your lifestyle. What types of homes do you build? We specialize in building traditional single-family homes and condominiums throughout the Central Ohio area. What customization options do you offer? When building your Trinity Home, you will have the opportunity to visit our design center to make your exterior and interior selections. From siding to mailboxes to flooring, hardware, and finishes, we offer an extensive range of options, empowering our clients to build a home that truly reflects their unique style and personality. Can I use material selections outside of what Trinity offers? Of course! We’re always happy to accommodate these custom requests, ensuring every home reflects the unique style and preferences of its owner. If you have more questions, please contact a sales associate today.

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