First-time homebuyers are on the way

This year will be a big one for first-time homebuyers. According to new data, up to 9.2 million first-time buyers will hit the market between 2020 and 2022.

A new era for first-time homebuyers

According to a new analysis from Transunion Credit bureau , anywhere from 8.3 million to 9.2 million first-time homebuyers will enter the housing market between 2020 and 2022. That’s up from just 6.67 million between 2013 to 2015 and 7.64 million between 2016 to 2018.

According to Joe Mellman, senior vice president at TransUnion, the next couple of years should mark a turn-around for homebuyers.

“While we’ve recently seen a boom in refi activity, actual homeownership rates are down,” he said. “Challenges have included high home prices, sluggish wage growth, and limited housing inventory, but we may be starting to see daylight as slowing home price appreciation, low unemployment, increased wage growth, and low interest rates are helping affordability. As a result, we are optimistic that first-time homebuyers will contribute more to home ownership than at any time since the start of the Great Recession.”

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