The American Dream of a house with a white picket fence and a dog in the yard is hanging by a thread this year.
Record-low mortgage rates and the era of remote work kicked off hot demand for a home that collided headlong with a historic housing shortage, resulting in real estate that was nearly unattainable. Sky-high prices and fewer homes available have been no match for homebuyers , who’ve found themselves caught in cutthroat competition.
But some came out on top in bidding wars. Zillow’s 2021 Consumer Housing Trends Report took a look at homebuyers in 2021. It found that while the average homebuyer is middle-aged, many are in their 30s. For most, it wasn’t their first time buying a home, and the hunt wasn’t easy. Many had to make multiple offers and paid a lot more than they originally planned.
They mostly bought homes in the suburbs in the south, where more houses were available. Those who moved typically stayed in their metro area, switching neighborhoods or relocating to a nearby city.
Here’s a look at the typical homebuyer, according to the Zillow report.