Affordability continues to hamper Americans' homeownership plans, as Q1 data show that fewer adults said they intend to buy over the next 12 months.
The first quarter of 2019 represented the second annual decline in homebuyer hopefuls, down by 4 percent to 13 percent overall, according to the National Association of Home Builders' analysis. NAHB adds that plans to buy are highest with younger adults, and lowest with the oldest adults in the study. Millennials have a 20 percent share, Gen X accounts for 15 percent of adults who hope to buy by Q1 2020, Boomers were at seven percent, and Seniors had a three percent share.
Geographically, respondents in the South are slightly more likely to be planning a home purchase (16 percent), than those in other regions: Northeast (13 percent), West (13 percent), and Midwest (11 percent).
Most of the 20 percent of Millennials planning a home purchase are first-time home buyers (77 percent). Among prospective Gen X and Boomer buyers, 56 percent and 23 percent, respectively, would be buying a home for the first time. Geographically, a majority of those planning a home purchase in each of the four regions are first-time buyers, led by the Northeast (67 percent).