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

Aly J. Yale
Aly J. Yale
The Mortgage Reports Contributor
January 29, 2020 - 2 min read

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.

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.

Get today’s mortgage rates

Are you considering buying a house this year? Then save on interest costs by shopping around. Get a rate quote below to see what rates you qualify for.

Popular Articles

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.