Is COVID-19 convincing millennials that it may finally be time to buy a home?

A new survey from Morning Consult suggests that may be the case. More than one-quarter of millennials who don't own a home, 28%, said they are more interested in purchasing one because of the pandemic.

The Morning Consult survey indicates that "the coronavirus could permanently shape the future financial priorities of millennials, currently the largest working cohort in the United States." While older groups are more likely to have mortgages already, COVID has made many people who don't own a home more likely to consider buying one. While 76% of baby boomers who don't own a home say the pandemic hasn't changed their interest in ownership, the number increased sharply among other groups. Twenty percent of all adults who don't own a home, including 20% of Gen Zers and 19% of Gen Xers, say the pandemic has encouraged them to consider buying a home.

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to and Real Estate Forum.