Only 13% of Adults Plan on Purchasing a Home in the Next Year

Filed in Economics by on November 19, 2018 0 Comments

Only 13% of adults are planning to buy a home in the next 12 months, according to the Housing Trends Report (HTR) for the third quarter of 2018. The HTR is a research product created by the NAHB Economics team to track changes in buyers’ perceptions over time.

Planning to Buy a Home in Next 12 Months: Prospective Home Buyers
(Percent of Respondents)

Most of these prospective buyers (58%) report this is the first time in their lives they would be buying a home.

First-time Buyer Share
(Percent of Prospective Home Buyers)

The younger you are, the more likely you are interested in purchasing a home. The data shows that 19% of millennials have plans to purchase a home in the next year, with the percentage falling to 13% among the Gen Xers, 7% for the baby boomers and a scant 3% for seniors.

These results are not surprising, given that mobility rates decline significantly with age. According to the Census Bureau’s 2017 Current Population Survey, 18% of those under 40 years of age moved in the previous year, compared to 9% in the 40-49 age range, 6% of people aged 50-69, and 3% who were 70 or older.

NAHB economist Rose Quint provides more analysis in this Eye on Housing blog post.

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