Fifty-nine million Americans are “considering” buying a home in 2017, especially Generation X and minority homebuyers, according to a recent report by Bankrate.com. Sixteen million Americans are “very likely” to buy.
Roughly 40 percent of minorities and 20 percent of Gen Xers plan to purchase this year, the report found. The minority percentage was more than double that of whites, underscoring the opportunity real estate professionals have to assist minority clientele.
Older millennials (aged 27-36), in addition, are considering becoming homeowners—aspirations realized only with a boost to the affordable housing supply.
“Among millennials, there’s a lot of pent-up demand for home-buying,” says Bankrate.com Senior Mortgage Analyst Holden Lewis. “They have been stymied by stagnant wages, student loans and a lack of available starter homes. If enough affordable homes are put on the market, we might see a surge of first-time homebuyers in their early- to mid-30s.”
Parents—specifically those with children under 18—are considering buying a home, as well, according to the report; however, two out of three parents with young children point to “financial issues” preventing them from purchasing.
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American Dream,” Lewis says.