More People Report the Pandemic Is Increasing Their Desire to Buy a Home
By Kelly Leighton | Oct. 19, 2020 | 2 min. read
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.
Topicshomebuyers millennials Coronavirus pandemic
Subscribe To JustListed Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.