Tuesday, June 28, 2016

How much do first-time Texas homebuyers make?

Lindsay Wilson of CultureMap Dallas says that First-time Texas homebuyers make nearly as much as the average U.S. homebuyer, according to data from MortgageHippo.

After looking at over 5,000 buyers, the majority of them millennials, the site determined that the average first-time homebuyer in the U.S. ​​makes around ​$65,000 yearly and has a credit score of 730.

First-time buyers in Texas come close with an average income of $60,000 and a credit score of 710. While Texans have fewer available assets—$16,000 com​pared with the nation's $20,000—they shell out a down payment of $12,000, only $3,000 less than the national average.

Buyers across the country plan to stay in the home for around nine years. 

The available inventory​ of homes is affecting first-time buyers the most, but millennials are still gaining traction as the largest group of homebuyers in the nation.