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The 1993 Southland Home Buyer

March 20, 1994

Both first-time and repeat buyers preferred resale, single-family homes over new homes or condos. Repeat buyers tended to scout the market longer, shopping an average of five months and viewing an average of 14.6 houses. A statistical comparison of first-time and repeat buyers in the 1993 housing market:

HOME PURCHASED

First-Time Buyer Repeat Buyer New 20.9% 21.8% Resale 79.4% 81.7% Single family 81.7% 81.3% Condo/other 18.3% 18.7% Number of homes looked at before purchase 11.5% 14.7% Average length of time spent looking for home (months) 4.5% 4.7% Median purchase price $153,300 $210,400

DOWN PAYMENT

% obtained from: First-Time Buyer Repeat Buyer Savings 70.8% 55.7% Relatives 15.4% 3.6% Previous home sale n/a 30.8% Lending institutions 4.6% 3.5% Other 9.2% 6.2% % paid down 12.9% 20.3% Time needed to save (years) 3.4% n/a

MORTGAGE

First-Time Buyer Repeat Buyer Average payment $1,137 $1,313 Average payment as % of income 35% 34% Average length of mortgage (years)* 29.1% 28.3% Type of financing: Conventional fixed rate 60.4% 50.6% Adjustable rate 30% 39.1% Other 9.6% 10.2%

BUYER PROFILE

First-Time Buyer Repeat Buyer Average age 32.2 42.5 Family size 2.8 3.1 Median annual income $53,600 $70,500 Married 66.3% 72.1% Two-income household 85.6% 72.9% Median household income $53,600 $70,500

1993 HOME-BUYING COMPARISON BY COUNTY

The Home The Buyer New Resale First-time Repeat Los Angeles 15.8% 84.2% 57.4% 42.6% Orange 21.1% 78.9% 34.3% 65.7% San Diego 20.0% 80.0% 39.2% 60.8% Riverside 45.0% 55.0% 40.0% 60.0% San Bernardino 30.0% 70.0% 49.0% 51.0% Ventura 11.0% 89.0% 36.0% 64.0%

* Based on 7-, 10-, 15- and 30-year mortgage options.

n/a: Not applicable

Source: Chicago Title

Researched by JANICE L. JONES/Los Angeles Times

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