In the wake of the COVID-19 pandemic, more Americans are interested in purchasing homes, according to NAHB’s latest Housing Trends Report.
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.
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.