Desire for Homeownership Continues to Increase
Seventeen percent of American adults are considering the purchase of a home within a year, according to NAHB’s Housing Trends Report (HTR) for the second quarter of 2021. The share (now seasonally-adjusted*) has increased for five consecutive quarters, after hitting a series low of 10% in the first quarter of 2020. The upward trend is clear evidence of Americans’ growing desire to become homeowners.
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Meanwhile, 64% of those prospective buyers in the second quarter of 2021 are first-time buyers– the highest share in the history of this series. The record high comes after three consecutive quarterly increases in the share of 1st-timers.
?The Northeast is the region of the country with the largest share of adults planning a home purchase in the second quarter of 2021, 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.
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