Recently a AARP nationwide survey found 1 in 4 baby boomers expects to move from their current home. Some of the reasons for moving included; looking for a better house, getting a home closer to family or relocating to a warmer climate. 59% of those surveyed are looking for a single level home that is more comfortable and convenient. In the Mesquite NV real estate market the baby boomers have found a home.
If you are a Baby Boomer and are interested in Mesquite NV chances are good that you are looking for a comfortable single level 1,400 sq.ft. to 1,800 sq.ft. home with a purchase price from $180,000 to about $240,0000 in a warmer climate, with a small town feel. That is a big part of what Mesquite NV real estate is.
While we are looking at demographics, I also looked up the statistics from the National Association of Realtors (NAR) on First-Time home buyers and Repeat Home Buyers. According to the NAR 41% of the transactions in 2008 were by first-time home buyers. With the Mesquite NV real estate market mostly catering to the resort and retirement lifestyle, I would venture to guess that first-time home owners in Mesquite NV real estate market would account for 10% to 15% of total sales.
First-Time Home Buyer has an average age of 30. They have a median income of about $60,000 and their average home purchase price is $165,000. They plan to stay in the home for about 10 years and on average put down 4% of the purchase price total at closing.
Repeat Buyers have an average age of 47. They have a median income of about $88,000 and their average home purchase price is $236,000. They plan to stay in the home for about 10 years and on average put down 15% of the purchase price total at closing.
So Why Do People Move?
Most American families have moved at least once, did you know that 4 in 10 people have never left the place they were born according to a study done by the Pew Research Center. Most people who move generally do so to better their financial situation and take opportunities. Those that never move claim that it is mostly due to family connections.
I feel that most people do not purchase Mesquite NV real estate and move here for financial opportunity, rather in most cases it is an emotional decision. Many who purchase homes here do so because they choose to and can afford it, either as a second home or a primary residence. It is a change of lifestyle and a change of pace that many have been looking forward to for years.The survey goes on to state that those that have a college education are more likely to move more than those that do not. The survey concluded that 75% of college graduates have had at least one major move, while only 50% of those with a high school diploma have had a major move. Here are some other interesting findings:
- 57% of those surveyed have never lived outside their current state.
- 37% have never lived away from their hometown.
- 38% consider “home” as a place different than where they currently live.
- 26% consider “home” as the place they were born or raised.
- 22% claim “home” is where they live now.
- 18% claim “home” is where they have lived the longest.
This article was written by Brandon Park of the Mesquite Real Estate Team from Bowler Realty. Bowler Realty is a licensed real estate brokerage in Arizona and Nevada. Find and browse Mesquite NV real estate for sale.
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