Pandemic Homebuyers: Who Were They, and Where Did They Buy?

Stable and affordable housing is foundational for participating in the economy, and homeownership is the primary form of wealth accumulation for most American families. Housing demand changed as households responded to the economic and social environment of the COVID-19 pandemic. As households moved because of these changing conditions and homebuying surged, many popular narratives emerged around migration patterns, “hot” places to buy, and what types of buyers were succeeding in the market. This research brief employs mortgage data from the Home Mortgage Disclosure Act (HMDA) to examine the homebuying patterns of households during this unique housing market, focusing on two key dimensions: Who bought homes (i.e., homebuying trends by buyers’ race/ethnicity, income, and age)? Where were these homes located (i.e., homebuying trends across urban, suburban, small metro, and nonmetropolitan locations)? The few years of the pandemic and immediate post-pandemic were an unusual moment in the homebuying market. However, patterns during this time could have long-term implications on disparities in homeownership by race/ethnicity, income, and age (and related gaps in asset accumulation and wealth), as well as geographic differences that affect regional housing and labor markets and household budgets.