Today’s Homebuyers Report
Introduction
In recent years, the sense of community has become increasingly elusive for many, reaching a critical level of urgency. The U.S. Surgeon General's 2023 report on America's 'loneliness epidemic' highlighted that nearly half of American adults experience loneliness due to social disconnection. Despite this, the joy of homeownership remains a significant motivator for consumers, as buying a home often means connecting with a community. Century 21 Real Estate aims to help homebuyers find joy in homeownership by understanding their state of mind and the factors influencing their purchase decisions, particularly their desire for community and connection.
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey of Americans aged 18-64 who are recent or intending homebuyers. The survey included a nationally representative sample of 6,020 U.S. adults, with 1,041 qualifying as recent or intending homebuyers. The survey was available in both English and Spanish and included specific samples among Hispanic, Gen Z, and Millennial respondents.
Importance of Community Connection
While many Americans value a connection to their local community, this sentiment is even stronger among recent and intending homebuyers. Despite the current real estate market conditions, recent homebuyers predominantly feel positive emotions about their purchase. However, there are generational differences in these emotions. 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, though anxiety and uncertainty are common across all recent homebuyers. Real estate agents play a crucial role in supporting positive experiences by addressing concerns and easing uncertainties.
Prioritizing Space, Lifestyle, and Community
Recent and intending homebuyers prioritize space, lifestyle, and proximity to their existing community over economic considerations. Lifestyle and community factors are more significant motivators than economic reasons for moving. Interestingly, men are more likely than women to desire being 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 88% of recent and intending homebuyers are willing to compromise on elements of their dream home to be in a community that is perfect for their household, especially those with children.
Creating Inclusive Communities
Today's homebuyers, particularly Millennials, seek 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. While the trend across generations is to come together with neighbors despite differences, Gen Z shows a slightly lower level of agreement compared to Millennials.
Community Engagement
Recent and intending homebuyers plan to participate in their communities through civic engagement or entrepreneurship. Real estate agents are critical in helping homebuyers find and connect with the right community. Agents need to act as community stewards who understand their clients' wants, needs, and desires. The importance of community connection is particularly significant for Gen Z, with 92% feeling it is important for a real estate agent to have a local community connection. Gen Z respondents are also more likely to find their agent through a local community connection.
Century 21 agents and brokers actively participate in their communities, enhancing their ability to connect clients with the right neighborhoods. This involvement includes participating in community events, serving on non-profit boards, and engaging in local groups and activities.
