Buying a house in 2020? Here’s who you’re up against

Aly J. Yale
The Mortgage Reports contributor

Millennials have the biggest homebuying plans in 2020

New survey data shows that just 11% of Americans are planning on buying a house this year. But among Millennials alone? That share almost doubles.

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For Millennials & Gen Zers, buying a house is in the cards

According to the new Housing Trends Report from the National Association of Home Builders, about one in every 10 Americans has plans to buy a home in the next 12 months. More than 40% are actively looking to find one right now. 

Among Millennials, though, 19% have homebuying plans in their future and 46% of those are already on the hunt. Gen Zers are the next most likely to plan on buying a house, with 13% saying they expect to in the next year. 

Slightly less Gen Xers are planning to buy (12%), while only a mere 5% of Baby Boomers say homebuying plans are in the works. Regionally, Americans in the South and West are most likely to buy a home this year.

Are Gen Z homebuyers on track to outpace Millennials?

First-time buyer share jumps

Another interesting finding in NAHB’s survey efforts? A large swath of 2020’s homebuyers will be first-timers. 

In fact, according to the data, 63% of those planning to buy a house this year will be doing so for the first time. That’s up from just 53% a year prior.

11 first-time homebuyer mistakes to avoid 

Nearly nine out of 10 Gen Zers planning to buy a home will be first-timers, while 78% of Millennials will be. The largest share of first-time buyers seems to be in the Northeast, where 65% of respondents planning to buy this year said it would be their first home.

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Verify your new rate (Apr 5th, 2020)