Key Highlights

  • Wave of first-time buyers imminent due mostly to demographics, according to CoreLogic’s Fraud Consortium Loan Applicationdata
  • First-time buyers accounted for greater share of mortgage applicants in 202

Demographics More Impactful Than Pandemic-Caused Surge in First-Time Buyers in 2020

We can’t blame everything on the COVID pandemic.  According to data from CoreLogic’s Fraud Consortium Loan Application, first-time buyers made up the bulk of mortgage applicants in 2020.

The share of first-time buyers jumped to 39% in 2020, up from 30% in 2016.

Largest Group of Millennials Approached Median Home-Buying Age of 32 in 202

According to CoreLogic, the median first-time home buying age of 32 was the pivotal factor spurring Millennials to actually buy a house in 2020.  At age 32, the largest share of Millennials is “settling down,” developing rather than searching for their careers, and having families.

Top Counties with Highest Share of First-Time Buyers from 2019

County                     1st-Time Buyer Share in 2020

Bronx NY                         71%

Queens NY                       66%

Hudson NJ                        65%

Richmond NY                    63%

Philadelphia PA                 63%

Baltimore City MD             63%

Union NJ                          61%

Passaic NJ                        61%

Kings NY                          60%

Kanawha WV                    59%

Clayton GA                       59%

Middlesex NJ                    59%

Suffolk MA                        59%

Imperial CA                       58%

Essex NJ                           58%

Orange NY                        58%

Lucerne PA                       57%

Milwaukee WI                   56%

Monroe PA                        56%

St. Louis City MO               55%

Counties with Greatest Uptick of First-Time Buyers in 2020 from 2019

County                     1st-Time Buyer Share in 2020

Marin CA                          35% from 13% in 2019

Alameda CA                      50% from 12%

San Mateo CA                   40% from 12%

Suffolk MA                        59% from 11%

Saline AR                          44% from11%

San Francisco CA               49% from 11%

Lancaster SC                     30% from 10%

Charles MD                        51% from 10%

Santa Clara CA                   44% from 10%

Arlington VA                       44% from 9%

Douglas OR                        41% from 9%

Cumberland ME                  43% from 9%

Butte CA                           37% from 9%

Skagit WA                         42% from 9%

Merced CA                        52% from 9%

Snohomish WA                 45% from 9%

El Dorado CA                    26% from 9%

Nash NC                           52% from 9%

Montgomery OH                44% from 9%

King WA                           44% from 9%

Thanks to CoreLogic.