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.
