INTRODUCTION
In recent years, connection to community has felt out of reach for various reasons – and the lack of it has reached a new level of urgency. In 2023, the U.S. Surgeon General released a report on America’s “loneliness epidemic” which revealed that approximately 1 in 2 adults in America experience loneliness caused by social disconnection.
Despite this post-pandemic effect, the excitement and joy of home ownership continues to drive consumers – because buying a home means connecting with a community. With our dedication to helping homebuyers find the joy in homeownership, we’re sharing the results of our eye-opening research on the state of mind of today’s homebuyers and what is impacting their purchase decisions, including the ways they seek and prioritize community and connection in the process.
We at Century 21 Real Estate are excited to work alongside agents affiliated with the brand and their clients to realize their desires for community and connection.
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey of Americans ages 18-64 who are recent or intending homebuyers, defined below. The starting sample for this survey was a nationally representative group of n=6,020 U.S. adults ages 18-64. After screening, a total of n=1,041 recent and intending homebuyers completed the survey (n=500 and n=541, respectively), with samples among Hispanic (n=270), Gen Z (n=279), and Millennials (n=390). The survey was offered in Spanish as well as English. Qualified respondents fall into one of two categories:
- Purchased a new primary residence in the past two years. Those who purchased a motor home are excluded.
- Intend to purchase a primary residence in the next twelve months.
While many Americans feel it’s very important to have a connection to their local community, this connection matters more to recent/intending homebuyers.
Despite the current state of the real estate market, the emotions of recent homebuyers are predominantly positive.
“A sense of belonging and having a place to call home is very important. Everyone wants to feel like they belong to a community.”
ARICA RUCKER
Broker/Owner
CENTURY 21 Rucker Real Estate
Charlotte, NC
Recent buyers, across generations, are feeling positive about the buying process, but some uncertainties remain
Overall, many homebuyers are feeling mostly positive. There are some small, but interesting, differences between the positive emotions felt by different generations of recent homebuyers.
Recent Gen Z homebuyers, in particular, reported slightly higher rates of joy and gratitude and a lower rate of hope versus all recent homebuyers.
Recent Millennial homebuyers reported the highest levels of happiness and hope. However, rates of anxiety (24%) and uncertainty (20%) are affecting all recent homebuyers, with slightly lower rates for younger generations. This gives agents a role in supporting positive experiences for homebuyers by providing guidance to address concerns and ease uncertainties.
Recent/intending homebuyers prioritize space, lifestyle, and being close to their existing community over economic considerations
While space and lifestyle considerations prompt many people to move, so does being close to their existing community of friends and family. What’s more, lifestyle and community considerations are even greater than the percentage moving for economic reasons for homebuyers overall.
Interestingly, men skew higher for a desire to be closer to friends and family than women.
A dream home is more than just a house, it’s being in your dream community.
88% of recent/intending homebuyers are willing to compromise on elements of their dream home to be in a community that is “perfect” for their household – especially for those with kids in the home.
“Community means home. The walls around them and the roof over their heads gives security, but how they live is wrapped up in the community that surrounds them. The people, activities, locations… where we live, work and play brings us connection and a sense of belonging.”
STEPHEN VOTINO
Broker/CEO
CENTURY 21 Triangle Group
Raleigh, NC
Recent/intending homebuyers plan to help create their communities with open minds and diversity
Today’s homebuyers, particularly Millennials, are not just choosing communities they will enjoy living in — but communities where their families can thrive and where they can make a difference.
Recent/intending homebuyers are openminded and inclusive. 90% do not consider political affiliation to be a barrier to building community with those around them, and 92% want to be in a community that embraces diversity.
Though the overall trend across generations is to come together with neighbors despite differences (90%), Gen Z (85%) has more in common with older generations, with their level of agreement to the statement “I want to build community with my neighbors regardless of their political beliefs” than Millennials (94% agreement).
Recent/intending homebuyers plan to participate in their communities via civic engagement or entrepreneurship.
The role of a real estate agent is critical to finding and making connections in the right community. Agents need to act as community stewards who understand their homebuyer’s wants, needs, and desires — and help to keep positive emotions high.
Today’s homebuyers want agents who not only can help them with the buying process but also know the ins and outs of communities deeply enough to predict where they’re headed in the future.
Also, the fact that 65% of intending homebuyers rate “getting involved in local community after they move” as “very important” (versus 53% of recent
homebuyers) may signal that recent homebuyers can face challenges when it comes to new community involvement. This presents a prime opportunity for agents to help recent clients get to know their community better after moving in. It also highlights the importance of agents being active in the communities they serve, which is something we’re proud to see with CENTURY 21 independent agents and brokers.
An agent’s connection to the community is particularly important to Gen Z. Keeping in line with all recent/intending homebuyers at 92%, 9 in 10 Gen Z respondents feel it’s important for a real estate agent to have a connection to their local community. And at 45%, they are more likely than total respondents (38%) to report finding their agent through a local community connection.
“I participate in various community events throughout the city, and also serve on various non-profits in Tennessee. I try [to] get involved and network in various groups serving our community.”
EVA ANGELINA ROMERO
Broker/Owner
CENTURY 21 Capital Properties
Nashville, TN
“I run a Facebook group with over 10,000 people in it. I am very involved in my church and am joining the board for our local library.”
CHRISTINE S. FARLEY
Associate Broker
CENTURY 21 Topsail Realty
Portsmouth, RI
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Syndicated via Century 21®. Source: https://www.century21.com/real-estate-blog/todayshomebuyers/