Buyers: Results from the Zillow Consumer Housing Trends Report 2024 - Zillow Research
The Zillow Consumer Housing Trends Report 2024 provides an in-depth analysis of the current housing market, focusing on the demographics, preferences, and behaviors of home buyers in the United States. The report reveals that the median age of buyers is 42, with Millennials (ages 30-44) comprising the largest generational group at 34%. The racial and ethnic composition of buyers shows that 67% are non-Hispanic white, which is higher than their representation in the general adult population. The South region has the highest concentration of buyers, aligning with its substantial housing inventory.
Gender identity and sexual orientation data indicate that 11% of buyers identify as LGBTQ+, a figure that has been stable over recent years. Buyers generally have higher household incomes, with a median of $97,600, compared to the national median of $74,600. Educational attainment is also higher among buyers, with 49% holding at least a four-year degree.
Relationship status plays a significant role in home buying, with 70% of buyers being married or partnered. Household composition data shows that 76% of buyer households have pets, while 43% have children. The share of first-time buyers has decreased to 44% in 2024, down from 50% in 2023. Cobuying is prevalent, with 63% of buyers purchasing with at least one other person, primarily a spouse or partner.
Offer contingencies are common, with 66% of buyers including a home inspection and 56% requiring financing approval. Mortgage pre-approval is a standard practice, with 94% of mortgage buyers obtaining it. Most buyers submit only one mortgage application, and about a third report being denied financing at least once.
Down payments are typically 20% of the purchase price, with savings being the primary source of funds. Nearly half of mortgage buyers report securing a rate below 5%, often through seller financing or rate buydowns. Down payment assistance is more common among first-time buyers and buyers of color, with banks being the leading source of such assistance.
Unexpected costs and fees are a challenge for many buyers, with loan origination fees being the most common surprise. Online resources are widely used in the home buying process, with 94% of buyers utilizing them. Real estate agents remain a crucial resource, with half of buyers citing them as the most helpful.
Virtual and 3D tours are popular, though confidence in making offers without in-person viewings has decreased. Buyers prioritize air conditioning and budget adherence in home characteristics, while walkability and community sense are important neighborhood traits. Climate risks significantly influence where buyers choose to shop for homes.
The report's methodology involved a comprehensive survey of over 54,500 responses, ensuring a nationally representative sample of successful buyers. Quality control measures were implemented to maintain data accuracy and reliability.
