Did You Know: Who is Buying Homes More Than $500,000
August 14, 2009
By Jessica Lautz, Research Economist 
- Nineteen percent of people who bought homes that were more than $500,000 were first-time buyers.
- One in five buyers of luxury homes (those priced more than $500,000).
- In comparison, 43 percent of homes priced less than $500,000 were first-time home buyers.
- The median age of buyers who purchased a home more than $500,000 was 42. This is just slightly older than the median age of those who purchased a home under $500,000—39.
- The median gross household income, predictably, is substantially higher among luxury home buyers. Those who purchased homes more than $500,000 typically had a household income of $154,600.
- Almost one-third of luxury home buyers had a household income above $200,000.
- The median household income for those who purchased a home under $500,000 was $71,600.
- For a complete 2009 NAR Member Profile - available free only for REALTOR® members this year - click here.
Who is buying homes more than $500,000?
| Less than $500,000 | More than $500,000 | |
| First-time buyer | 43% | 19% |
| Repeat buyer | 57 | 81 |
| Age: | ||
| 18-24 | 6% | 1% |
| 25-44 | 56 | 54 |
| 45-64 | 30 | 38 |
| 65 or older | 8 | 7 |
| Median | 39 | 42 |
| Gross Household Income | ||
| Less than $54,999 | 24% | 4% |
| $55,000 - $74,999 | 22 | 5 |
| $75,000 - $99,999 | 21 | 9 |
| $100,000 - $149,999 | 18 | 26 |
| $150,000 - $199,999 | 5 | 22 |
| $200,000 or more | 3 | 31 |
| Median | $71,600 | $154,600 |
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