The latest report from the National Association of Home Builders found an increasing number of Americans planning to purchase a home within the next year. NAHB’s Housing Trends Report says 15% of survey respondents were planning to buy a home in the next 12 months last quarter. This continues the steady uptick throughout 2020, which started with only 10% planning a move in the next year. The 15% share is the highest rate since the first quarter of 2018. Year over year, the number jumped 4%, making it the largest annual gain in the history of the report.
Meanwhile, the share of prospective buyers who would be purchasing a home for the first time declined slightly in the year ended in Qtr4’20, down from 63% to 61%.
Between the fourth quarters of 2019 and 2020, the share of Millennials planning a home purchase rose eight points to 27%. The share increased 6 points to 18% among Gen X’ers, 3 points to 16% among Gen Z, and was flat at 5% among Boomers. Geographically, the share of adults with plans to buy a home rose in all four regions during this period, led by the Northeast (up 9 points to 19%) and the West (up 6 points to 18%).
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development