Only 25% of potential first-time buyers in a five-county Southern California region want a starter home, the lowest level of among 10 major U.S. markets recently studied.
The Orange County (Calif.) Register columnist Jonathan Lansner digs into the eye-opening research to discover some intriguing trends.
The Bank of America poll found that Southern California first-timers have a plan: 72% of those polled “are waiting to save more money and move into a nicer home in the future." Lansner writes:
Recent generations have delayed many life events, from marriage to when a couple has their first child. So putting off the first home purchase isn’t a dramatic surprise. Yet the fact that 43% of local first-time buyers plan to do the deal solo—again, highest among the 10 markets—tells you a lot about how loose the link between the traditional family formation and home ownership has become.
If this poll is correct and an entire cycle of purchasing—starter houses—is skipped, it would be a big shift for the overall market.