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First-Time L.A. Buyers Bought Largest Share of Homes in '94

March 05, 1995

First-time home buyers in Los Angeles accounted for 56.4% of all housing purchases in 1994, while first-timers made 50.3% of purchases statewide, according to Chicago Title's 19th annual "Who's Buying Homes in America" survey. Nationally, first-time buyers accounted for 47.1% of home sales.

Other survey findings:

--First-time buyers in Los Angeles devoted a higher percentage--38.7%, up from 36.7% in 1993--of after-tax family income to average monthly mortgage payments of $1,194. Nationally, average mortgage payments of $945 accounted for 34% of first-buyers' income.

--In Los Angeles, 36.8% of first-time buyers opted for adjustable-rate mortgages, as compared to 45.9% statewide.

--The median home price for repeat L.A. buyers dropped from $224,200 to $212,000.

--The average Los Angeles home buyer had a family of 2.8 with a median income of $63,000.

--Los Angeles buyers looked at an average of 13.7 houses before settling on a home with a median cost of $191,300.

--Single-family houses remained the home of choice for Los Angeles buyers, accounting for 78.2% of home sales here, while 19.8% bought condos and 2% bought multifamily houses.

--Single never-married people accounted for 29.6% of first-time home buyers in 1994 and 7.1% of repeat buyers in the United States.

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