According to the Census Bureau’s Housing Vacancy Survey (HVS), the USA home ownership rate reached 65.3% in the 1st quarter of 2020 vs 64.2% in 2019. It increased! Go figure!
First-time buyers made up 33% of all home buyers, the same as last year. Fifty two percent of buyers 30 to 39 years and 88% of buyers 29 years and younger were first time home buyers. Following 23% of buyer 40 to 54 years were also first time home buyers.
At 25%, buyers 30 to 39 continue to be the largest generational group of buyers with a median age of 34, followed by buyers 40 to 54 and 23% awith a median age of 47.
Recent buyers were categorized as following: married couples = 61%, unmarried couples = 13$ single females = 17%, and single male = 9%
I’d be curious to see how things shake out in 2nd quarter of 2020 after COVID-19. Some sellers got jittery as did some buyers. My guess is that sales will be down compared to same quarter last year. We shall see.
Source: National Association of Realtors. For the complete report go to: Home Buyer and Seller Generational Trends