Homeownership remains an American dream, perhaps more so as first-time buyers face escalating challenges. A Harris Poll found younger Americans (age 18-44) are more likely to consider homeownership an important financial goal (45%) than older, 55+ adults (30%).
MADISON, N.J. – The American Dream remains, even if many potential buyers find it challenging to find a home. According to the latest Fall Sentiment survey conducted by The Harris Poll for Coldwell Banker Real Estate, 82% of unmarried Americans (85% of unmarried women) would rather invest in a home than pay for a big wedding.
A sellers’ market 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,” says M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate. “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.”
Who are these potential buyers?
- Younger Americans (Gen Z & Millennials, age 18-44) are more likely to say owning a home is an important financial goal for them (45%) compared to those 55+ (30%)
- 47% of respondents currently renting say “owning a home” is one of their important financial goals
- 42% who self-identified as Hispanic say “owning a home” is an important financial goal – among Hispanics it’s higher than any other financial goal
What would they be willing to trade for a home?
- 82% of unmarried Americans surveyed, including 85% of females who aren’t married, would rather invest in a home than pay for a big wedding
- 77% would rather invest in a home than spend money on an expensive vacation
- College graduates are more likely to select “owning a home” (41%) as an important financial goal than “paying off student debt” (17%)
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