The share of Americans who are considering a home purchase within the next 12 months was 13% in the third quarter of 2020, one percentage point higher than in Q3 2019. This marks the first year-over-year gain for this series in the history of the NAHB’s Housing Trends Report – the apparent result of COVID-19’s impact on the housing market.
Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%). Across regions, the share of respondents with plans to buy a home rose to 16% in both the Northeast and West, up from 11% and 12%, respectively, a year earlier.
Eighty-one percent of Gen Z’s planning to buy a home are first-timers, compared to 64% of Millennials, 45% of Gen X’ers, and 24% of Boomers. About half (49%) of prospective buyers in the Northeast are purchasing a home for the first time. The share is highest in the Midwest, where it reaches 59%.
At the same time, the share of prospective buyers looking to buy for the first time is declining – down to 55% in Q3 2020 from 61% in Q3 2018.
