Housing affordability is at an all-time low, but that's not deterring people from wanting to buy homes.
But what makes up the typical prospective homebuyer? According to Zillow, they're elder millennials who live in the South and have a household income of $100,000 or more, yet don't plan to put 20% down on a home purchase. Oh, and they're making decisions on where to live based on climate concerns.
The real-estate site defines prospective homebuyers as "household decision makers" that plan to purchase a home in the next year, while successful homebuyers are those who already purchased a home, according to its annual Consumer Housing Trends Report.
Manny Garcia, a senior population scientist at Zillow, said that this survey was the first where trends between prospective and successful buyers began diverging. "Frankly something that stood out to me was that lag, that prospective buyers are increasingly not caught up to the reality of what it takes to buying a home," he told Insider.
Read on to meet the typical prospective homebuyer in America, according to Zillow.