First-Time Home Buyers Stoke Demand for Smaller, Less Expensive Homes

A growing segment of the housing market—first-time home buyers—are contributing to an increase in demand for smaller and less expensive new homes, according to research from economists at the National Association of Home Builders (NAHB).

Delving into data from the most recent biennial American Housing Survey, which was conducted by the Department of Housing and Urban Development and the Census Bureau in 2009, the study, “Characteristics of New and First-Time Home Buyers,” finds that 41% of the 8.4 million households who bought a home between 2007 and 2009 were first-time buyers.

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