Currently Reading

Americans Cautious Even Before Coronavirus' Full Economic Impact

Advertisement

Americans Cautious Even Before Coronavirus' Full Economic Impact


April 28, 2020
for sale home
By steheap

For the sixth consecutive year, fewer Americans are planning on buying a home in the next 12 months than the year before, according to NAHB's latest Housing Trends Report. Only 10 percent of respondents think they may buy a home in the next year, down. For unsettling context, those results were collected before the record high unemployment claims started rolling in late March. Because of this, NAHB says the data reflects sentiments before the full impact of the economic slowdown and stay-at-home orders. See how people responded in your region to get a feel for where Americans stand on homeownership--at least before the latest shoe dropped. 

According to NAHB’s latest Housing Trends Report (HTR), the share of adults who are considering purchasing a home in the next 12 months fell to 10% in the first quarter of 2020, down from 17% and 13%, respectively, in the first quarters of 2018 and 2019. This decline marks the sixth consecutive year-over-year drop in the share of American adults planning to buy a home in the year ahead. For the majority of these buyers (61%), this will be their first time buying a home, about the same share as a year earlier (60%).

The timing of the data collection for this report is highly consequential. The online survey was in the field from March 17 through March 28, the early stage of the COVID-19 crisis in the US. About 12 million people filed for unemployment benefits in the two weeks immediately after data collection closed. For this reason, we assess that responses in this quarter’s report mostly reflect people’s views prior to the full impact of stay-at-home orders and social distancing restrictions imposed by local and state governments.

Read More
 

Related Stories

Multifamily

Rent Burden Is Greater for Minority Households

Even in the most affordable cities where the rent burden is low, some groups of renters are paying relatively more for housing

Demographics

What Does the Typical Seller Look Like?

The increasing usage of remote viewing, 3D tours, and other digital options appears to be complementing the services of a real estate agent rather than replacing them as 82% of sellers used an agent to sell their home.

Demographics

The Birth Rate Is Nearly Unbelievable

This decline also has implications for housing and homeownership

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.