Page 12 - BB_Mar_2019

Share of Adults Planning to Buy a Home

Drops From 24% to 13% In a Year

In the final quarter of 2018, 13% of adults reported plans to purchase a home within a year.
A year earlier, in the final quarter of 2017, a significantly larger portion – 24% – had the same
plans. This sharp decline in the share of prospective home buyers provides additional
evidence that the erosion of housing affordability has become a serious concern for the
housing market. The deterioration in affordability has been driven by several years of
strong home price appreciation and interest rate increases throughout much of 2018.
Additional findings from the latest Housing Trends Report (HTR)* show that in the fourth
quarter of 2018, 53% of prospective home buyers had never owned a home before. In
comparison, a year earlier, 60% of buyers were first-timers.

Planning to Buy a Home in Next 12 Months: Prospective Home Buyers First-time Buyer Share
(Percent of Respondents) (Percent of Prospective Home Buyers)

The intention to buy is inversely related to age: whereas 22% of Millennials have plans
to purchase a home in the next year, only 14% of Gen X’ers, 7% of Boomers, and 4%
Seniors share that goal.

12 MARCH 2019 | GREATER SAN ANTONIO BUILDERS ASSOCIATION