Today’s Homebuyers Report
Introduction
In recent years, the sense of community has become increasingly elusive for many, culminating in a significant concern highlighted by the U.S. Surgeon General's 2023 report on America's “loneliness epidemic.” This report revealed that nearly half of American adults experience loneliness due to social disconnection. Despite these challenges, the enthusiasm for homeownership remains strong, driven by the desire to connect with a community. Century 21 Real Estate is committed to helping homebuyers find joy in homeownership by understanding their state of mind and the factors influencing their purchase decisions, particularly their quest for community and connection.
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey targeting 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. Qualified respondents were those who had purchased a new primary residence in the past two years or intended to purchase one within the next twelve months.
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, the emotions of recent homebuyers are predominantly positive. A sense of belonging and having a place to call home is crucial, as everyone desires to feel part of a community.
Generational Differences in Homebuyer Emotions
Recent homebuyers across generations generally feel positive about the buying process, though some uncertainties persist. Gen Z homebuyers report higher rates of joy and gratitude but lower rates of hope compared to all recent homebuyers. Millennials, on the other hand, exhibit the highest levels of happiness and hope, though they also experience anxiety and uncertainty. These emotional nuances highlight the role of real estate agents in providing guidance to alleviate concerns and enhance the homebuying experience.
Prioritizing Space, Lifestyle, and Community
Space and lifestyle considerations are significant motivators for homebuyers, often outweighing economic reasons. Many homebuyers prioritize being close to their existing community of friends and family. Interestingly, men show a higher desire to be closer to friends and family than women. A dream home is more than just a house; it’s about being in a dream community. A significant majority of homebuyers are willing to compromise on aspects of their dream home to live in a community that is perfect for their household, especially those with children.
Creating Inclusive and Diverse 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 a vast majority not considering political affiliation a barrier to building community. They also value diversity, with 92% wanting to live in communities that embrace it. While the overall trend is to unite with neighbors despite differences, Gen Z shows slightly less agreement compared to Millennials.
Community Engagement and Real Estate Agents
Homebuyers plan to engage in their communities through civic participation or entrepreneurship. The role of real estate agents is crucial in helping homebuyers find and connect with the right community. Agents need to act as community stewards, understanding their clients' needs and desires to maintain positive emotions throughout the buying process. The importance of community involvement is particularly significant for Gen Z, who highly value agents with strong local connections. Many homebuyers find their agents through community connections, emphasizing the need for agents to be active participants in their communities.
In conclusion, the report underscores the importance of community and connection in the homebuying process. Century 21 Real Estate and its affiliated agents are dedicated to helping homebuyers find not just a house, but a home within a supportive and engaging community.
