40% of home buyers have an annual income of $57,200. These individuals generally fall within the first time home buyer category.
When it comes to credit files and scores, it determines the loan rate and the amount that can be borrowed. For example: For a home less than $200,000 at a rate of 6.25%, on a 30-year note the monthly payment would be approximately $1,650 – which should be 34% of the buyers annual income.
The number one reason behind buyers wanting to purchase a home is simply that there is the desire to own their own home. Some other reasons are that there is a desire for more space (or even less space) and because of job relocation.