Americans are Prioritizing Homeownership Over Other Luxuries

Latest Coldwell Banker survey reveals Americans are prioritizing homeownership

Over the past year, the real estate market has remained strong as Americans showed significant interest in homeownership. In fact, 82% of unmarried Americans would rather invest in a home than pay for a big expensive wedding, according to the latest Coldwell Banker survey.

So, who are these new home buyers? Coldwell Banker recently commissioned this survey, conducted by The Harris Poll, to explore what’s on home buyers’ and sellers’ minds as we close out this record year for real estate amid a market bound by tight inventory.

The findings suggest that more and more Americans of varying demographics are aspiring to homeownership, so much so that they are willing to prioritize their goal of homeownership over other luxuries and financial goals.

Young Americans are leveling up

45% of Gen Zers and Millennials between the ages of 18-44 reported that owning a home is an important financial goal for them, compared to only 30% of Americans over the age of 55. Younger generations of Americans are reaching a stage in life where they’re looking for their own spaces as they begin settling into education, careers, marriage and starting families. All of which require more space and more stable living arrangements.

Goodbye renting, hello homeownership

Renters are looking to trade temporary arrangements for more permanent ones. Of Americans who are currently renting, almost half (47%) indicated that homeownership is a significant goal for them. They’re seeking a place they can own rather than rent and will need guidance from experienced Coldwell Banker affiliated agents to make the leap into homeownership.

Homeownership over marriage, vacations and student debt? It’s more likely than you think.

This latest survey also set out to find which financial goals Americans would prioritize, and the results might be a surprise.

The survey found that a significant amount of Americans value homeownership more than other financial goals such as big weddings, dream vacations and even paying off student debt. For example, 42% of self-identified Hispanic Americans indicated that owning a home is so important that it takes precedence over every other financial goal. Additionally, it found:

• An overwhelming 85% of unmarried women would rather invest in a home than put money towards a wedding.
• Over three quarters (77%) of Americans would rather allocate money towards homeownership, instead of spending that money to go on their dream vacations
• 41% of college graduates view homeownership as a more important financial goal than paying off their student debt.

After a year of missed celebrations for some of life’s biggest events, where all we had was home, it might be a sign of the times that more people are prioritizing personal space.

Americans are aspiring towards homeownership

As Americans of varying backgrounds become more interested in making the idea of homeownership a reality and start entering the market, it’s important for them to have a trusted advisor guiding them every step of the way.

If you’re ready to pursue to the dream of homeownership, visit http://www.coldwellbanker.com/ to find your neighborhood Coldwell Banker affiliated agent.

Athena Snow

Senior Manager, Public Relations & Giving for Coldwell Banker. Grew up in Sarasota and attended college at Western Carolina University. Athena wanted to wake up in that city that doesn’t sleep so headed to Madison Avenue to start her marketing career. She has been with this awesome brand for more than 15 years and can be found generating buzz about CB in every way possible. Athena helps to grow the brand’s position as the most storied real estate company within the industry and has led many high-profile endeavors; she was at the forefront of the brand’s pioneering smart home campaign, raised $6 million in two years to build 130 Habitat for Humanity homes, and led the Homes for Dogs program in partnership with Adopt-a-Pet.com that resulted in tens-of-thousands of dogs finding their furever home. She currently leads the CB Supports St. Jude program, which encourages the Coldwell Banker network’s 96,000+ real estate agents to make donations to St. Jude’s Children’s Research Hospital for every real estate transaction they represent. In her spare time, you can find her either digging up a new area in her yard for another flower bed or planning her next travel adventure. She's the proud mom of three cats Jolene, Ziggy and Lucy.