Today’s Homebuyers Report
Introduction
In recent years, the sense of community has become increasingly elusive for many, culminating in what the U.S. Surgeon General has termed a “loneliness epidemic.” Despite this, the allure of homeownership remains strong, driven by the desire to connect with a community. Century 21 Real Estate has conducted research to understand the mindset of today’s homebuyers, focusing on their need for community and connection.
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey among 6,020 U.S. adults aged 18-64, focusing on 1,041 recent and intending homebuyers. The survey included Hispanic, Gen Z, and Millennial respondents and was available in both English and Spanish. Qualified respondents were those who had purchased a primary residence in the past two years or intended to do so within the next twelve months.
Importance of Community
For many Americans, especially recent and intending homebuyers, a connection to the local community is crucial. Despite the current real estate market conditions, the emotions of recent homebuyers are predominantly positive. A sense of belonging and having a place to call home is highly valued.
Generational Differences
Recent homebuyers across generations generally feel positive about the buying process, though some uncertainties remain. Gen Z homebuyers report higher rates of joy and gratitude but lower rates of hope compared to other generations. Millennials report the highest levels of happiness and hope but also experience significant anxiety and uncertainty. This highlights the role of real estate agents in providing guidance and support to ease these concerns.
Prioritizing Space and Lifestyle
Homebuyers prioritize space, lifestyle, and proximity to their existing community over economic considerations. Men, in particular, show a higher desire to be closer to friends and family. A dream home is not just about the house itself but also about being in a dream community. A significant majority of homebuyers are willing to compromise on elements of their dream home to be in a community that suits their household, especially those with children.
Creating Inclusive Communities
Today’s homebuyers, particularly Millennials, are focused on choosing communities where their families can thrive and where they can make a difference. They are open-minded and inclusive, with 90% not considering political affiliation a barrier to building community and 92% wanting to be in a community that embraces diversity. Gen Z and older generations share a similar sentiment, though Millennials show the highest level of agreement.
Community Engagement
Homebuyers plan to engage in their communities through civic activities or entrepreneurship. Real estate agents play a critical role in helping homebuyers find and connect with the right community. Agents need to be community stewards who understand their clients’ needs and help maintain positive emotions throughout the buying process. The importance of community involvement is particularly significant for Gen Z, who are more likely to find their agents through local connections.
Agent Involvement
Real estate agents’ connection to the community is crucial, especially for Gen Z homebuyers. Many agents actively participate in community events and organizations, enhancing their ability to connect clients with their new communities. This involvement helps agents better serve their clients and fosters a sense of belonging and connection for new homeowners.
