While homeownership is important to many Americans, they are no longer confined to their previously held beliefs about where home can or has to be. Thanks to the “Great Resignation,” the movement of people leaving the workforce during the pandemic, many Americans don’t feel tethered to just one place anymore. In fact, 41% of employed Americans would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location, according to the latest survey from Coldwell Banker Real Estate LLC.
Conducted online by The Harris Poll among over 2,000 US adults, this survey reveals that the real estate renaissance means real estate markets across the country are ramping up to welcome all kinds of new residents.
Dreaming Becomes Doing
Coldwell Banker set out to discover what’s on homebuyers’ and sellers’ minds and it turns out that younger generations are more inclined than their older counterparts to live in more affordable locations, even if it means taking a lower salary. Compared with survey data from earlier this year, the brand also found that household sizes are continuing to expand.
The “Great Resignation” Is Impacting Home: Forty-one percent of employed Americans would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location. And younger employed Americans are more likely to be willing to do so than their older counterparts—those 18-44 are more likely than those 45-54 to be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location:
- 18-34 (51%)
- 35-44 (47%)
- 45-54 (32%)
- 55-64 (27%)
Budget Friendly Moves: Nearly half (46%) of employed Americans who live in the northeast and west regions would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location.
Space to Grow: Household sizes are continuing to grow, especially with younger homeowners. 57% of young homeowners (age 18-34) have felt their housing needs impacted by a growing household in October 2021 compared with 50% in February 2021.
Where Are They Headed?
Americans are chasing the sun as Miami, Florida; Atlanta, Georgia; and Austin, Texas emerged as some of the top locations they would consider relocating.
- Welcome to Miami: Nearly a third (31%) of males aged 18-34 would consider moving to Miami. Females aged 18-34 were more likely to consider relocating to Austin among the options listed (21%).
- For the Sake of the Kids: Miami and Austin also ranked the highest among the options listed in potential relocation for those with children under 18 in the household at 21% and 17%, respectively.
- Black Americans are Interested in Atlanta: Twenty-eight percent of Americans who self-identified as Black (Not Hispanic) would consider relocating to Atlanta, the highest percentage for Black respondents of any major city surveyed.
Americans Aren’t Afraid to Sell Their Homes, But They Still Want Help
Overall, Americans are still dreaming about the idea of home. They’re showing that home can be anywhere as they redefine the American Dream. While the home selling process has become less intimidating to homeowners, they’re still seeking help from experienced Coldwell Banker agents who have served as trusted advisors, guiding people home since 1906.
- Chill Out: The home selling process is becoming less intimidating to homeowners. Only 16% of homeowners in October 2021 say an intimidating home selling process would be a concern if they were to list their home today, compared with 20% in June 2021 and 24% in February 2021.
- Putting Your Listing to Work: Over a third of Americans (34%) would like a program that offers benefits to a seller such as no upfront cost for renovations, instant cash offer or additional listing exposure when looking for a real estate website to use when buying or selling a home.
- Tech Dreams to Get to Your Destination: The top features homeowners want in a real estate website when buying or selling are a feature that would give them an estimated sale price for their home (39%) and a feature that would let them compare the cost of living in different zip codes (37%).
“Our latest survey reveals that young adults no longer feel constrained to living in the same city, even if it means taking a lower salary in exchange for living in a more affordable location,” said M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC, in a statement. “Younger folks may be redefining the American Dream, but one thing remains clear: Americans are still prioritizing homeownership. If you’re ready to make those dreams a reality, our Coldwell Banker agents are prepared to guide you home, wherever that may be.”
For more information, please visit www.coldwellbanker.com.