It’s time for another edition of interesting statistics. This time, instead of the usual random collection of statistics, this week’s post focuses on recent studies related to real estate. This article will highlight real estate statistics and studies about the long-term effects bankruptcy on credit score, the motivations for buying a house, smart home technology adoption and more.
An analysis from LendingTree found that 43 percent of people with a bankruptcy on their credit file have a credit score of 640 or higher within a year of the bankruptcy. And within two years of bankruptcy, 65 percent have a credit score above 640. [Source: LendingTree]
- On average, the terms offered to someone three years after bankruptcy on a typical mortgage cost $8,887 more than the terms offered to someone without a bankruptcy. Five years after bankruptcy, terms on a typical mortgage would be just $6,032 more costly than terms offered to someone without a bankruptcy. [Source: LendingTree]
- In a survey of 1,000 active home buyers conducted by Toluca Research, four out of nine (44 percent) respondents said they were looking for a three-bedroom home and 93 percent of respondents want at least two bathrooms this spring. [Source: realtor.com]
- According to a recent survey, more than 20 percent of buyers 55 years and older said that privacy (i.e. having a space solely of their own) was their main goal for purchasing a home. The next most common responses were a motivation for physical comforts at 18 percent and stability, at 15 percent. [Source: realtor.com]
- For Millennial home shoppers, fulfilling family needs was the most commonly cited reason for buying a home (17 percent), followed by stability at 14 percent and personal expression at 13 percent. [Source: realtor.com]
- In a recent survey, nearly one in four (23 percent) of home buyers between 18 and 34 years old reported rising rent as a trigger for their desire to purchase a home, which was more than any other option. [Source: realtor.com]
- According to realtor.com, among millennials who expressed a home-style preference, contemporary and colonial homes took the top spots, each favored by 10 percent of respondents. Ranches were the most popular home style for buyers 55 and older, favored by 28 percent, followed distantly by contemporary homes at 12 percent. [Source: realtor.com]
- A survey of 1,000 apartment renters in the U.S. found that more than three out of four residents would pay more for a package of their top three smart home amenities (i.e. security cameras, keyless entry, smart thermostats) and that the majority of residents (57 percent) are willing to increase their monthly rent by at least $20. [Source: Entrata]
- According to the National Reverse Mortgage Lenders Association, the housing wealth for homeowners 62 and older grew to $6.6 trillion in Q4 2017, an increase of $149 billion in senior home equity from the previous quarter. [Source: NRMLA]
New research from Parks Associates found that nearly half (47 percent) of U.S. broadband households do not intend to buy a smart home device. [Source: Parks Associate]
- The top reasons why people don’t buy smart home products relate to price, not privacy. Half (51 percent) of the households who didn’t plan to buy smart home products said they don’t see any value in smart home products and two in five (41 percent) feel they are too expensive. [Source: Parks Associate]
- According to the 2018 City Wealth Index, which ranked global cities on multiple factors, New York city took the top spot, followed by London. Four out of the top six and 10 of the top 20 cities were in North America. [Source: Douglas Elliman]
I hope you learned something interesting in this mix of real estate statistics. To read about some more recent studies, check out the other articles in the Interesting Statistics series and check out this article in particular for more statistics about the real estate market.