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NINTH ANNUAL NATIONAL SURVEY OF RECENT HOME BUYERS Characteristics 1984 1983 Median {}rice of home purchased $ 89,400 $ 9[},100 Median price for first-lime buyers 81,500 73,100 Median [)rice for repeat buyers '100,400 10'1,800 Average monthly payment $ 868 $ 794 First-lime buyers 810 697 Repeat buyers 9/)7 866 Average monthly payment as percent of income 30.3% 32.5% F~rst-time buyers 33.7'!,;, 33.4% Repeat buyers 28.0% 31.8% Buying for the first time 37.7% 40.5% Previously owned a home 62.3% 59.5% Median household income $ 38,700 $ 35,600 First-time buyers 35.070 33,090 Repeal buyers 42,200 38,590 Bought new houses 22.3% 26.4% Boughl used houses /"7.7% 72.6% Bought single-family homes 89.9% 87.8% Bought multiple-family homes 2.5% 4.6% Bought condominiums 7.6°,8 7.6% Married 76.0% 81.0% Widowed 1.6% 1.6% Divorced/Separated 11.2% 7.7% Single 11.09;, 9.7% Married women home buyers, employed 74.5% 71.8% Married women, first-time home buyers, employed 85.8% 87.4% Married women, repeat home buyers, employed 68.5% 59.6% Source: Chicago Title Insurance Co. 1982 $ 82,500 58,900 98,30O $ 732 630 807 33.0% 35.5% 31.0% 40.6% 59.4';I, $ 32,300 28,210 35,590 23.2% 76.8% 76.6% 6.5% 16.9% 71.6% 2.3% 9.4% 16.7% 53.4% 62.4% 47.8% ",..MORTGAGE RATES HAVE REACHED THE BOTTOM; HOUSING ACTIVITY IN THE FIRST AND SECOND QUARTERS OUGHT TO BE VERY STRONG." David Berson, chief financial economist, Wharton Econometrics Home builders started nearly. 1.75 million homes and] apartment units in 1984, the highest number since 1979. I 1985 will ve~ likely equal fast year's strong perfor- I mance. Local builders report an increase in sates and in I the number o[prospective buyerslookingat new homes. [ The prime rate, at its fewest point since August of 1983, I has brought mortgage rates down. Federal Reserve I I chairman Volcker (et;Is lhat the economy could be on the I I verge o! a new era el sustained growth and stability. This is the ideal time to begin shopping [or a new home. From Ma rch 24-31, the Twin Cities Builders Associa- lions Sales Council makes the selection process easier by sponsoring the 1985 Spring New Home Preview. Over 170 homes wifl be on display--an excitin[~ showcase of the styles prices and amen iies available m the Metropo iran Area. Th~s year's theme ~s "When the Spring Prewew ~s m bloom, co'me pick oul a beauty." l'abloids listing descrip- lions and locations o1' all et the Preview homes will be nserted in the Minneapo is Star & Tribune and the SI. Paul Pioneer Press & Dispatch on Sunday, March 24th. Mark your calendar now to participate in Ihis impres- sire event. For more inlormalion, call me at 5444261. Twin Cities Housing 7325 Wayzata Boulev,~,~ Minneapolis, MN 55~ 612-544-4261 - - LLCy3 FIRST CLASS U.S. POSTAGE PAID PERMIT NO. 2109 MPLS., MN