New report places CT among top states for potential homeowner demand

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.”