Number of Renters Hoping to Buy Rising Due to COVID
Washington, DC, July 14, 2020-"The America at Home Study, conducted online in April of 3,001 consumers 25 to 74 years old with household incomes of $50,000 plus, asked renters whether COVID-19 has made them more or less likely to want to own versus rent a home,” reports Builder Online.
“Almost half (46%) of current renters say they would now prefer to own versus rent, potentially representing 7.4 million households in the U.S. The majority of them are younger (millennials and Gen X groups combined), ranging in age from 25 to 44. This is a sizable shift since the NAHB’s first quarter 2020 Housing Trends Report indicated just 16% of millennials were looking to make their first home purchase in the next year.
“Despite high unemployment rates and the subsequent anxiety and financial stress that often is expected around the idea of 'home,' when asked to rank a series of phrases about what home means to them, “financial worry” was the second to lowest rated of a list of 10 choices, at just 23%. This additional demand from renters wanting to buy as a result of COVID-19 could be a silver lining for new-home building. Meeting this potential new demand starts with understanding who these buyers are and what they want.”
The full report is available here.