Steady majority of first-time homebuyers bodes well for American Dream


If you cut through the hype, you’ll see the American dream is still alive.

The National Association of Home Builders just put out some numbers on how many people said they plan to buy a home this year, and they chose to go all gloom and doom with their headline.

An 11% drop in people who said they want to buy homes! Time to pack it up and call it a wash, everyone, go home.

But if you look at the second chart, you’ll see we’re holding a consistent majority of buyers being first timers. Latest number is 53% of buyers are first-timers, which means a huge chunk of you in are in for the long-term dream and determine affordability on your street rather than getting trapped in the housing headline matrix.

Check out the second chart above, too—the largest group that plans on buying is millennials. If my cash-strapped generation is holding the home-buying line, we’re in pretty good shape.

Remember, six million of you will still buy a house every year pretty much no matter what. Always look deeper when someone’s trying to tell you things are grim.

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Reference:
Share of Adults Planning to Buy a Home Drops From 24% to 13% In a Year (NAHB)