Strong new home sales in 2019 helped the under-35 homeownership rate jump to a nine-year high in the first quarter. But, with the disruption from COVID set to cut home sales in half in the second quarter, that impressive performance will come to a halt. That said, widespread forbearance will keep foreclosures to a minimum, preventing a collapse in homeownership such as that seen after the financial crisis. As a result, we expect the homeownership rate will hold steady at around 65% over the next year.
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