MADISON, N.J. (November 17, 2021) – Americans pressed pause on many milestones in 2020, but in 2021 they reignited plans to buy and sell homes. The real estate market is strong according to the National Association of Realtors® and homeownership is top of mind for Americans. In fact, 82% of unmarried Americans would rather invest in a home than pay for a big expensive wedding, according to the latest survey from Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) company.
Conducted online by The Harris Poll among over 2,000 U.S. adults, the survey reveals what’s on home buyers’ and sellers’ minds as we close out a strong year for real estate in a market marked by tight inventory. A sellers’ market still prevails and competition remains strong across many cities, especially as younger Americans enter the real estate market and various demographics set their sights on homeownership.
Who’s Got Real Estate on their Mind?
- Gen Z & Millennials are moving on up: Younger Americans surveyed (age 18-44) are more likely to say owning a home is an important financial goal for them (45%) compared to those 55+ (30%).
- Goodbye renting, hello homeownership: 47% of Respondents who are renters say “owning a home” is an important financial goal for them.
- Hispanic homeownership desire is high: 42% of Americans surveyed who self-identified as Hispanic say “owning a home” is an important financial goal, and among Hispanics this is higher than any other financial goal.
As many Americans experienced life in 2020 without big vacations or weddings, Coldwell Banker Real Estate set out to discover what goals Americans would prioritize. Overall, Americans are still thinking of homeownership, indicating that they would rather allocate money to achieving those dreams than investing in other personal milestones such as big weddings, vacations or even paying off their student debt.
What Would They Be Willing to Trade for a Home?
- Home is the new engagement ring: 82% of unmarried Americans surveyed, including 85% of females who aren’t married, would rather invest in a home than pay for a big expensive wedding.
- Staycation: Over three quarters of Respondents (77%) would rather invest in a home than spend money on an expensive vacation.
- Save student debt for later: College graduates are more likely to select “owning a home” (41%) as an important financial goal than “paying off student debt” (17%).
Amid this tight housing market – and with so many Americans invested in finding the perfect home to fit their lifestyle – Coldwell Banker affiliated agents serve as trusted advisors, guiding people home since 1906.
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QUOTES:
“The 2021 housing market has been marked by low inventory and competition as Americans continue to keep homeownership top of mind. Our latest survey suggests that, with generations of all ages and backgrounds prioritizing homeownership over other financial goals, this sellers’ market may continue into 2022. Our network of approximately 100,000 agents is ready to help home sellers take the next step.”
- M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC
“Coldwell Banker’s survey found that homeownership is a primary financial goal for 47 percent of Americans surveyed who identify as Hispanic. The U.S. Hispanic population reached more than 62 million in 2020, growing significantly in the past decade, according to the Pew Research Center. The affiliated agents at Coldwell Banker recognize this incredible potential for increasing homeownership, and they’re equipped to help this population looking for a home navigate the complexities of a tight housing market.”
- Ricardo Rodriguez, Coldwell Banker Global Luxury Ambassador, Boston, Mass.
Survey Methodology
This survey was conducted online within the United States by The Harris Poll on behalf of Coldwell Banker from October 21 – 25, 2021 among 2,027 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact dgorecki@gscommunications.com.
About Coldwell Banker Real Estate LLC
Powered by its network of over 99,000 affiliated sales professionals in approximately 2,200 offices across 40 countries and territories, the Coldwell Banker® organization is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. Coldwell Banker Real Estate is committed to providing its network of sales professionals with the tools and insights needed to excel in today’s marketplace and is known for its bold leadership and dedication to driving the industry forward. The brand was named among the 2021 Women’s Choice Award® Most Recommended brands for customer experience and overall quality. Blue is bold and the integrity and values of Coldwell Banker give the Gen Blue network an unbeatable edge. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. To join Coldwell Banker Real Estate and unlock the possibilities of Gen Blue®, please visit www.coldwellbanker.com/join.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is moving the real estate industry to what’s next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, Realogy supported approximately 1.4 million home transactions in 2020. The company’s diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby’s International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of its approximately 196,600 independent sales agents in the U.S. and approximately 140,800 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today’s consumers. Recognized for ten consecutive years as one of the World’s Most Ethical Companies, Realogy has also been designated a Great Place to Work four years in a row, named one of LinkedIn’s 2021 Top Companies in the U.S., and honored on the Forbes list of World’s Best Employers 2021.
