Americans pressed pause on many milestones in 2020, but in 2021 they reignited plans to buy and sell homes. The real estate market is strong according to the National Association of REALTORS® and homeownership is top of mind for Americans. In fact, 82% of unmarried Americans would rather invest in a home than pay for a big expensive wedding, according to the latest survey from Coldwell Banker Real Estate LLC.
Conducted online by The Harris Poll among over 2,000 U.S. adults, the survey reveals what’s on homebuyers’ and sellers’ minds as we close out a strong year for real estate in a market marked by tight inventory. A sellers’ market still prevails and competition remains strong across many cities, especially as younger Americans enter the real estate market and various demographics set their sights on homeownership.
“The 2021 housing market has been marked by low inventory and competition as Americans continue to keep homeownership top of mind. Our latest survey suggests that, with generations of all ages and backgrounds prioritizing homeownership over other financial goals, this sellers’ market may continue into 2022,” said M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC, in a statement. “Our network of approximately 100,000 agents is ready to help home sellers take the next step.”
Who’s Got Real Estate on their Mind?
- Gen Z and millennials are moving on up: Younger Americans surveyed (age 18-44) are more likely to say owning a home is an important financial goal for them (45%) compared to those 55-plus (30%).
- Goodbye renting, hello homeownership: Forty-seven percent of respondents who are renters say “owning a home” is an important financial goal for them.
- Hispanic homeownership desire is high: Forty-two percent of Americans surveyed who self-identified as Hispanic say “owning a home” is an important financial goal, and among Hispanics this is higher than any other financial goal.
Overall, Americans are still thinking of homeownership, indicating that they would rather allocate money to achieving those dreams than investing in other personal milestones such as big weddings, vacations or even paying off their student debt.
What Would They Be Willing to Trade for a Home?
- Home is the new engagement ring: Eighty-two percent of unmarried Americans surveyed, including 85% of females who aren’t married, would rather invest in a home than pay for a big expensive wedding.
- Staycation: Over three quarters of respondents (77%) would rather invest in a home than spend money on an expensive vacation.
- Save student debt for later: College graduates are more likely to select “owning a home” (41%) as an important financial goal than “paying off student debt” (17%).
“Coldwell Banker’s survey found that homeownership is a primary financial goal for 47% of Americans surveyed who identify as Hispanic. The U.S. Hispanic population reached more than 62 million in 2020, growing significantly in the past decade, according to the Pew Research Center,” said Ricardo Rodriguez, Coldwell Banker global luxury ambassador, in a statement. “The affiliated agents at Coldwell Banker recognize this incredible potential for increasing homeownership, and they’re equipped to help this population looking for a home navigate the complexities of a tight housing market.”
For more information, please visit www.coldwellbanker.com.