Buyers Haven’t Given Up on Homeownership

40% of potential homebuyers think they could purchase a home if rates were to drop below 6%. Another 32% would jump in if rates fell below 5%. Those are some of the eye-opening numbers revealed by in its latest survey of U.S. homebuying attitudes.
Here are some of the other surprising stats from the report:
  • 47% of millennial respondents and 37% of Gen Z respondents said they would buy a home even if rates were north of 8%
  • 55% of millennials and 40% of Gen Zers say now is a good time to buy a home
  • 32% of Gen X and 17% of boomers say now is a good time to buy a home
  • 43% of millennial respondents say that they’ll be able to buy a home in the next 12 months, while another 32% said that they would be able to buy in the next 5 years
Our take
Honestly, we took a double-take when we initially read this report, especially that first bullet point. It’s so contrary to the doom and gloom we so often hear about younger people and their attitudes toward homebuying. Even rates higher than 8% aren’t stopping a good portion of those buyers. This just shows that you should absolutely be targeting millennials and Gen Zers in your marketing.


James and David, The Blueprint

February 27, 2024