Homeownership Quiz

The Housing Market

Homeownership in the US

Take the quiz! What’s the most likely way for a buyer to find the home they purchase? How long is a home typically on the market?

<section data-block="SingleChoice"><h3>1. What percentage of Americans own their home?</h3><ul><li>50.1%</li><li>55.5%</li><li>60.3%</li><li>65.5%</li></ul></section><section data-block="SingleChoice"><h3>2. What is the median age of a first-time buyer?</h3><ul><li>26</li><li>29</li><li>32</li><li>35</li></ul></section><section data-block="SingleChoice"><h3>3. What is the most likely way for a buyer to find the home they purchase?</h3><ul><li>Real Estate Agent</li><li>Friends and Family</li><li>Internet</li><li>Yard Sign</li></ul></section><section data-block="SingleChoice"><h3>4. For how long is a home on the market before it is sold?</h3><ul><li>10</li><li>14</li><li>30</li><li>60</li></ul></section><section data-block="SingleChoice"><h3>5. What is the median age of typical a typical home seller?</h3><ul><li>40</li><li>50</li><li>60</li><li>70</li></ul></section><section data-block="SingleChoice"><h3>6. What is the median sales price for an existing home?</h3><ul><li>$275,000</li><li>$325,000</li><li>$375,000</li><li>400,000</li></ul></section><section data-block="SingleChoice"><h3>7. Which of the following segments of homebuyers experienced discrimination by the refusal of a homeowner or agent to show property.</h3><ul><li>White Homebuyers</li><li>Black Homebuyers</li><li>Asian Homebuyers</li><li>Hispanic Homebuyers</li></ul></section>

More About Recent Home Purchases

Read more about the characteristics of home purchase from the National Association of REALTORS recent report, Highlights From the Profile of Home Buyers and Sellers, an annual survey of recent home buyers.. Click the (+) sign below to read more.

Characteristics of Homes Purchased

From the most recent annual survey of homebuyers from the National Association of REALTORS:

Twelve percent of buyers purchased a new home, and 88% of buyers purchased a previously-owned home.
The typical home was 1,800 square feet, had three bedrooms and two bathrooms, and was built in 1986.
Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 41%. Buyers who purchased previously-owned homes were most often considering better price at 31%.
Detached single-family homes continued to be the most common home type for recent buyers at 79%, followed by mobile or manufactured houses at 8%.
The median distance between the home that recent buyers purchased and the home they moved from was 50 miles. This is a significant increase in distance moved, as the distance between 2018 and 2021 was a median of 15 miles.
For buyers, 49% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 37%.

The Housing Market

Homeownership in the US

More About Recent Home Purchases

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