The Ongoing Pandemic Continues to Increase the Appeal of Homeownership

According to the National Association of Home Builders (NAHB) Q1 2021, Housing Trends Report (HTR), 16% of American adults are considering purchasing a home within the next 12-months. That is a 6-point increase over 2020, and marks the third (and largest) year-over-year gain in the share of prospective buyers in the HTR’s history. According to the HTR this is indictive of the ongoing COVID-19 pandemic, which continues to power American’s desire to buy homes. The share of prospective buyers who would be purchasing a home for the first time was at 62% in Q1 of 2021, up only 1% from Q1 2020 findings. Leading the charge in potential home buyers are the Millennials, whose share of prospective buyers who plan on buying a house in the next 12 months doubled from 16% to 32% in the year ended Q1 2021.