COVID-19 Continues to Impact Home Purchasing Plans

NAHB - In the wake of the COVID-19 pandemic, more Americans are interested in purchasing homes, according to NAHB’s latest Housing Trends Report.
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The share of Americans who are considering the purchase of a home in the next 12 months was 15% in the fourth quarter of 2020, four percentage points higher than a year earlier and the largest year-over-year gain in the three-year history of this series. The gain shows the coronavirus outbreak continues to impact Americans’ propensity to want to buy homes.

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​Millennials stand out among the demographic groups in their intent to buy a home. Between the fourth quarters of 2019 and 2020, the share of millennials planning a home purchase rose eight points to 27%. The share increased six points to 18% among Gen Xers, three points to 16% among Gen Z, and was flat at 5% among baby boomers.

​Geographically, the share of adults with plans to buy a home rose in all four regions during this period, led by the Northeast (up nine points to 19%) and the West (up six points to 18%).

Rose Quint, NAHB’s assistant vice president for survey research, provides more analysis in this Eye on Housing blog post.

To read the full article on NAHB's website, click here.