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

Executive Summary

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:

1. Who bought homes (i.e., homebuying trends by buyers’ race/ethnicity, income, and age)?
2. 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 homeownership trends 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.

Key Findings

• The pandemic period ushered in a period of peak homebuying for some groups of homebuyers. Buyers of color, low- and moderate-income buyers, and younger buyers all participated in the homebuying market at elevated rates.
• Homebuying in urban areas experienced a modest decline in 2020 relative to other types of locations but rebounded in 2021. At the same time, the pandemic period continued pre-pandemic growth in smaller metropolitan and nonmetropolitan areas.
• Declines in the number of loans originated from 2021 to 2022 suggest that changing market conditions (high prices and interest rates) may have reduced affordability and made it challenging for new homebuyers to enter the market or for existing homeowners to make changes to their housing situations.

Although gains were made from 2018 to 2022 for homebuyers from some groups, if tightened conditions related to high prices and interest rates persist, they could stall or potentially reverse pandemic-era gains. Additionally, regional variations in access may point to additional advantages or constraints in local markets. As market conditions continue to evolve, it will be important to continue to monitor the trends highlighted in this paper.

Interactive Chart

The following interactive chart allows users to recreate the charts in the research brief for different geographies (i.e., Federal Reserve Bank district, state, metro area, and county). You can compare different places or look at different types of populations within one place.

For mobile use, we recommend interacting with the tool while in landscape mode.

Geographic notes: Data reflect historical Connecticut counties, not revised 2022 county-equivalents. 2022 data for Chugach and Copper River Census Areas in Alaska were combined to form the Valdez-Cordova Census Area, consistent with 2018-2021 data.
Source: Author’s calculations of 2018-2022 Home Mortgage Disclosure Act data.

Tips for use

• Press the top button (“Customize Chart”) to select different options for the chart.
• Within a geographic type, select up to 5 different places.
• To see results by different variables, toggle “Stratify by Characteristic.” Results are available by income, age, race/ethnicity, and place type (urban, suburban, small metro, nonmetro). Results are restricted to one place at a time.
• Results by characteristic variables are available in counts and as a share per year. Press the “Metric” button to toggle between these options.
• Lines or bars within a chart can be turned on and off by clicking that category in the legend.
• Charts can be downloaded as a PNG, PDF, or CSV file. To do so, press the 3 parallel lines in the upper right corner of the chart and select the download option.

Updated June 2025 to include interactive chart.

The views expressed in this report are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of San Francisco or the Federal Reserve System.