The U.S. housing market is thriving — and that's helping to keep the country afloat during the latest crisis, even as other industries struggle to survive
Despite widespread uncertainty in the wake of the most severe economic shock in generations, Americans still want to buy homes, one of the biggest financial decisions they will make in their lifetimes.
Part of housing’s strength comes down to demographics, as millennials, who make up the largest share of the population, enter the market to buy homes. And while double-digit unemployment would normally dampen demand, the current downturn is heavily lopsided toward certain lower-wage sectors, like the hospitality and food-service industries, whose employees are more likely to rent.
Mortgage application data indicate that recent homebuyers, who already traditionally have a higher median income than the larger population, are financially secure: The average loan size for purchase applications in the first week of July was $357,000. “It’s not 2008. People then prioritized their auto payments, because you can drive your car to work,” said Isaac Boltansky, director of policy research at Compass Point. Now, “you’re forced to stay in your house. To me, I think the importance of home, both as a concept and as a practical matter, because of the stay-at home orders, has grown. Home is more important now than it was four months ago.”
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