A recent Housing Trends Report from the NAHB Economic team found that Millennials are most likely to buy a home in the next year.
The results, from the second quarter of 2018, found that 14 percent of adults plan to buy a home in the next 12 months. Broken down by generation, 22 percent of Millennials plan to buy a home in the next year, compared to 14 percent of Gen Xers, 8 percent of Baby Boomers, and 3 percent of Seniors.
In addition, 77 percent of Millennials planning to buy a house would be first time homebuyers, compared to 61 percent overall. Thirty-nine percent of respondents said they are looking to buy an existing home, while 21 percent are looking for a newly-built home and 40 percent are looking at both types.
Advertisement
Related Stories
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops