Profile of 2011 Maine Home Buyers

The 2011 Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers in Maine and across the country.  When examining a profile of those who actually purchased a home during the last twelve months it is interesting to review differences and similarities between the traits of buyers of homes in Maine versus other parts of the United States.

• 44% of recent home buyers were first-time buyers in Maine, compared to a national level of 37% – a drop from 50% in 2010

• The typical buyer in Maine was 43 years old, while nationally the typical buyer was 45 years old, a jump from 39 years old in 2010

• The 2010 median household income of buyers was $63,900 in Maine and $80,900 nationally. The median income was $52,500 among first-time buyers and $73,500 among repeat buyers, compared to $62,400 among first-time buyers and $96,600 among repeat buyers nationally.

• Nationally, 64% of recent home buyers were married couples – the highest level since 2001. In Maine, the figure was 53%. O recent home buyers, 18% were single females nationally – the lowest level since 2004; In Maine females represented 23%.

• For 27% of recent home buyers nationally, the primary reason for their recent home purchase was a desire to own a home. In Maine, this was the primary reason for 32% of home buyers.

Although Maine results track the national trend, it is interesting that in 2011 the percentage of first-time home buyers in Maine was considerably higher than the national average.  The average age was also lower, which is not surprising.