In the wake of the COVID-19 pandemic, more Americans are interested in purchasing homes, according to the National Association of Home Builders’ (NAHB) 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 4Q 2020, 4 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.
Image: National Association of Home Builders
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 8 points to 27%. The share increased 6 points to 18% among Gen Xers, 3 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 9 points to 19%) and the West (up 6 points to 18%).
Image: National Association of Home Builders