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What’s the Impact of COVID-19 on Home Buying Plans

Sales + Marketing Trends

What’s the Impact of COVID-19 on Home Buying Plans

October 23, 2020
Family looking at a house exterior

It’s only a percentage point gain, but a third quarter survey of Americans propensity to want to buy a house is the first year-over-year gain in three years, according to that National Association of Home Builders. 

Thirteen percent of survey respondents indicated they want to buy in the next 12 months. Meanwhile, the share of prospective buyers who would be buying a home for the first time is declining. In the third quarter of 2018, 61% of prospective buyers were first-timers; by the third quarter of 2020, the share was 55%. 

Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%). Across regions, the share of respondents with plans to buy a home rose to 16% in both the Northeast and West, up from 11% and 12%, respectively, a year earlier.

To see more findings by generation groups and region … 

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