• More Americans Plan To Buy a House in 2021

    More Americans Plan To Buy a House in 2021

    Pandemic Helps Drives Demand Higher

    Between the fourth quarters of 2019 and 2020, American millennials planning to buy a house increased to 27%. The percent of prospective buyers increased 6 points to 18% among Generation X generation, 3 points to 16% among Generation Z and was flat at 5% among baby boomers.
    Between the fourth quarters of 2019 and 2020, American millennials planning to buy a house increased to 27%. The percent of prospective buyers increased 6 points to 18% among Generation X generation, 3 points to 16% among Generation Z and was flat at 5% among baby boomers.

    The National Association of House Builder's fourth-quarter "Housing Trend Report" shows 15% of Americans are planning to purchase a house in the next 12 months, up 4% from the same time a year ago.

    Analysts suspect the pandemic is fueling this surge. The arrival of the global health crisis coincided with a burst in sales, the most since 2006, and it reversed a trend that saw more and more people content to renting.

    Among prospective buyers, 61% say they are planning to buy a house for the first time.

    According to the association's report, 41% of prospective buyers are looking for a newly constructed home, more than twice the 19% who said that the previous year. Another 30% of buyers said they are looking to buy existing houses. The remainder is OK with either.

    Among the generations, millennials at 50% and Generation X at 48% tend to favor buying a new home, while baby boomers at 50% and Generation Z at 38% are more likely to target an existing home.