Redfin Reports Nearly 25% of Gen Z House Hunters Are Willing to Sacrifice Safety to Afford a Home
05 Agosto 2024 - 7:00AM
Business Wire
Access to healthcare services, restaurants,
bars and coffee shops top the list of trade-offs house hunters are
willing to make in order to find a home within their budget
(NASDAQ: RDFN)—Nearly one in every five (17.3%) house hunters
are willing to sacrifice their physical safety to find a home they
can afford within the next year, according to a new report from
Redfin (redfin.com), the technology-powered real estate
brokerage.
Nearly one in four (23.7%) Gen Z respondents said they are
willing to live somewhere less safe for the right price, compared
to 18.1% of millennials and 17.5% of Gen Xers. Only 5.5% of Baby
Boomers said they would trade their safety. This is according to a
Redfin-commissioned survey of roughly 3,000 U.S. homeowners and
renters conducted by Qualtrics in February 2024.
Survey respondents indicated they are more willing to sacrifice
less-vital housing needs, like the number of bedrooms, but a
significant number—especially from younger generations—said they
would be willing to exchange their safety for affordability.
“Younger generations have come of age during a housing supply
crunch, where prices are at all-time highs. Couple that with them
earning less—relative to older generations—and you can see why they
are willing to make more serious sacrifices to find a home they can
afford,” said Redfin Senior Economist Elijah de la Campa. “When the
typical household earns less than is needed to buy or rent a
typical home, house hunters can’t afford not to make
sacrifices.”
Safety is a common reason why people are moving in the first
place
While safety may be seen as a trade-off by some house hunters,
roughly the same number of respondents (16.4%) said their concern
for safety/crime was at least one of the factors driving their
decision to move.
More than one in five Gen Xers (20.8%) said safety/crime was a
contributing factor for their move, compared to 17.6% of boomers,
15.3% of millennials and 12.8% of Gen Zers.
Overall, safety concerns were the fourth-most cited reason for
wanting to move, behind wanting more space, a lower cost of living
and lower home prices—and on the same level as wanting to live near
family.
More than 1 in 4 house hunters willing to trade off access to
quality schools
Of the housing features presented in the survey, house hunters
were most willing to trade off access to their doctor/healthcare
amenities (41%), and restaurants, bars and coffee shops (36%) in
their bid to secure an affordable home.
More than one in four respondents (26%) said they were willing
to trade access to highly-rated schools for a home within their
budget. One in three (33%) said they were willing to trade off
living in an area where people looked like them, or where the local
politics/government reflected their beliefs.
Inside a home, respondents prioritized the number of bedrooms
(28% willing to trade off for an affordable home) over square
footage (31%) and the number of bathrooms (36%).
House hunters seeking affordability are also willing to make
work-related sacrifices. Around 34% said a longer commuting time
was something they would consider trading for the right price,
while 27% said they would be willing to entertain not having space
to work from home.
More than one in four (28%) said they would be willing to live
in an area with a higher risk of natural or climate disasters such
as fire, flood or poor air quality, if it meant being able to
afford a home.
To view the full report, including charts and additional
methodology, please visit:
https://www.redfin.com/news/homebuying-tradeoffs-safety-survey-2024.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240805703657/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
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