The National Association of Home Builders’ quarter one Housing Trends Report found 16% of American adults are considering a home purchase within the next year. It shows the desire for homeownership amid the pandemic has only increased, notes NAHB. The latest finding marks a 1% increase from last quarter and a 6% increase since quarter one of 2020. The year-over-year increase is now the third and highest yearly gain in the report’s history. Of those wishing to purchase in the next 12 months, 62% are first-time buyers, the same share as one year prior.
Millennials are the generation with the fastest growth in adults planning a home purchase: the share of this group with plans to buy a home in the next 12 months doubled from 16% to 32% in the year ended in Qtr1’21, while other generations saw more tepid growth.
Similarly, the Northeast is the region of the country with the fastest growth in adults planning a home purchase: the share more than doubled from 8% to 20% in the year ended in Qtr1’21. The other three regions also saw growth (although less dramatic) in the share of adults planning a home purchase during this period.