Despite median home prices rising for the last eight years, 84% of adults say that owning a home is a “priority”—up 9% from 2019—according to Nerdwallet’s 2020 Home Buyer Report released in February.
When broken down by generation, the results from the 2,000-respondent survey are encouraging for the housing market. Of all generations, millennials were the most enthusiastic about the prospects of purchasing and owning a home. A breakdown of the findings:
Those who consider buying a home to be one of their main goals:
- Millennials 88%
- Gen-X 85%
- Gen-Z 84%
- Baby Boomers 79%
Those who want to become homeowners within the next five years:
- Millennials 53%
- Gen-X 42%
- Gen-Z 57%
- Baby Boomers 23%
“There is colossal pent-up demand for homeownership, both among young people who are ready to pair up and start families, and those who see owning a home as the next step in adulthood,” said NerdWallet home and mortgage expert Holden Lewis in a prepared statement.
The survey also polled the remaining 16% of respondents who said owning a home is not a priority. Insufficient income (42%) and inability to save for a down payment (37%) were the most common responses.
But according to Lewis, real estate professionals have a unique opportunity to help those interested in homeownership and to assist in navigating the market. “These folks feel optimistic but are aware that there’s a lot they don’t know,” he said. “They’re looking for guidance so they can feel confident about finding a good home they can afford, and qualifying for a mortgage.”
