One positive aspect to come out of the COVID-19 pandemic is that more people are now reporting an interest in homeownership.
According to a new survey from Morning Consult, 28% of millennials who are not homeowners said they are now more interested in purchasing a property because of the coronavirus pandemic. While the millennial generation represents the largest share of Americans who feel that way, other generations aren’t far behind. Twenty percent of Generation Z and 19% of Generation X who are not homeowners said they are now interested in buying a home. And even 9% of baby boomers said they are now more interested in buying a home.
However, there were non-homeowner consumers that said their interest in homebuying declined, but those percentages were small. Eleven percent of all adults, including 14% of Generation Z, 13% of millennials, 8% of Generation X and 7% of baby boomers, said they are now less interested in purchasing a property, thanks to the pandemic.
Regardless, millennials’ spending habits may be reflecting their desire to forge ahead on the path to homeownership. When asked what they would do with an extra $1,000 a month, 29% said they would save it and 24% said they would pay outstanding bills. Only 1% said they would travel. An earlier Morning Consult study found that the pandemic had a “major” impact on 39% of millennials’ finances, the largest of any other generation. Thirty percent of millennials reported a pay cut or loss of income during the pandemic.