: National Bureau of Economic Research, February), https://www.nber.org/papers/w29795; Kevin J. Lansing, Luiz E. Oliveira, and Adam Hale Shapiro (2022), “Will Rising Rents Push Up Future Inflation?” FRBSF Economic Letter 2022-03 (San Francisco: Federal Reserve Bank of San Francisco, February), https://www.frbsf.org/wpcontent/uploads/sites/4/el2022-03.pdf. -4people are choosing to buy smaller homes than they would have a few years ago when prices were lower.
Whatever the causes, the increase in first time buyers is clear. Home buying during the pandemic has been strong among minority families as well. In 2020, 7.3 percent of home purchase loans for owner-occupied properties were taken out by Black families, the highest level since 2007 and well above the low of 4.8 percent in 2013.