Guess who’s coming to the closing table? Survey says more 18-34 year-olds than you’d think. And there were a few other surprises…
Amidst reports of economic woes, fluctuating job growth, and America’s changing housing market research shows the American dream is still very much in tact. This morning we released results from Trulia’s American Dream Survey, which bi-annually measures the attitudes of Americans on home ownership. The results show the majority of American adults, no matter what age, view home ownership as a part of the personal dream. But the real delight for agents is in the details.
80 percent see a house on the horizon…
Research showed that 80 percent of respondents surveyed where planning at least one additional home purchase in their lifetime. While all of these buyers aren’t actively searching, this is some much-needed positive news for agents looking to for ways to build their business.
It’s great news for professionals like Sarah Stelmok, Associate Broker with Champion Homes Realty in Fredericksburg, Va. who believes, “It’s inevitable that people will purchase. Real estate will always be one of the best investments there is.” Stelmok started her real estate business in 2004 and has been building it during one of the most dynamic real estate seasons ever.
Gen Next dreams of surviving the slump
Shaped by tragedies like September 11, 2001, Hurricane Katrina, and one of the most dramatic housing and economic slumps in history, many questioned: would the “American dream” survive for the Generations the Pew Research Institute calls “Millenials,” “Y,” and “Nexters?”
Research shows the answer is yes. Around 65 percent of respondents from age 18 to 34 said home ownership is still part of their American dream. While the group echoed the larger sentiment of concerns over down payment, qualifying for a mortgage, and job stability, the homeowner hopefuls still outnumber the unsure and ownership naysayers by almost 2:1.
Where does the next buyer want to live?
Survey results showed, across the board the suburban McMansion trend of the housing boom is dying a quick death. Only 6 percent of those surveyed said their ideal home size is more than 3,200 square feet – a 36.6 percent decrease from 9 percent in 2010. In addition, both Baby Boomers (55+) and responders in the 18 – 34 age category expressed their primary interest in urban environments for different reasons. The older group wanting to be closer to shops and restaurants and the younger generation being interested in shorter commutes.
The Looming Question: What’s will happen to suburbia?
According to Jed Kolko, Trulia’s Chief Economist, “The homes that people will want in the future will look different than today’s housing stock.” With research showing the next influx of owners (who still have to overcome some important hurdles like questionable credit and drumming up down payments) showing interest in urban environments, what happens to the many McMansion villages across the U.S.? Tell us what you think.
About the Survey
The Trulia biannual American Dream survey has tracked American attitudes towards homeownership since 2009. This most recent survey was conducted online between August 30th and September 1st 2011 among 2,207 adults (aged 18 and over) by Harris Interactive on behalf of Trulia. Figures for age, sex, race/ethnicity, education, region and household income are taken into account and weighted where necessary to bring them into line with their actual proportions in the U.S. population.