First-Time Buyers Make Up Majority of Today’s Buyers
Americans’ desire for homeownership continued its rebound from a low point in 2020 through the […]
Americans’ desire for homeownership continued its rebound from a low point in 2020 through the second quarter of 2021. The National Association of Home Builders found that 17% of all American adults are considering purchasing a home within one year, up from the 10% low at the first quarter of 2020. The NAHB also found that 64% of prospective buyers during quarter two of 2021 were first-time buyers, making it the largest share of new homeowners since NAHB began tracking the data in 2018. The region with the largest share of adults planning to purchase a home was the Northeast at 20%.
The share stood at only 8% in the first quarter of 2020. All other regions also saw a significant increase during this period: 8% to 13% in the Midwest, 11% to 17% in the South, and 11% to 17% in the West.
Over half of all prospective buyers in every region are first-time home buyers. In the second quarter of 2021, the shares stood at 65% in the Northeast, 59% in the Midwest, 64% in the South, and 65% in the West.
