Connecticut is among the top five states to record a year-over-year increase in potential homeowner demand, according to First American Financial Corp.”™s sixth annual First American Homeownership Progress Index (HPRI) report.
Connecticut”™s potential homeowner demand rate increased by 3.1 percentage points in the new HPRI report, joining Alabama (+3.7 percentage points), Rhode Island (+3.3), Texas (+3.2) and Idaho (+2.4) in leading the nation with the most desired housing markets.
First American also noted that today”™s homeowners are increasingly younger than in recent years.
“In 2020, potential homeownership demand improved by 3.5 percentage points for millennials, the largest increase among the major generational cohorts,” said Odeta Kushi, deputy chief economist at First American. “Generation Z followed with a 2.5 percentage point increase in the HPRI, Generation X increased by 2.1 percentage points and Baby Boomers increased by 1.3 percentage points.
“While millennial homeownership has been delayed relative to their generational predecessors,” Kushi added, “millennials now have the greatest influence on the housing market and remain poised to fuel a ”˜roaring 20s”™ of homeownership demand.”
