For a variety of reasons, community connection has felt unattainable in recent years, and the need for it has become more pressing. According to a 2023 study on America’s “loneliness epidemic” by the U.S. Surgeon General, around one in two adults in the country suffer from loneliness as a result of social separation.
The thrill of becoming a homeowner and the sense of community that comes with it continue to motivate buyers even in the wake of the pandemic. In a new report, CENTURY 21 shared the findings of their recent research on the mindset of today’s homebuyers and what influences their purchase decisions, including the ways they seek and prioritize community and connection in the process, as part of our commitment to helping homebuyers discover the joy of homeownership.
A commissioned study by eminent international market research firm Ipsos, which examined the true desires, emotions, and influence of community and connection on today’s homebuyers, has been released by Century 21 Real Estate LLC. The study “Connection, Community & Joy: How Recent/Intending Homebuyers are Putting Community at the Center of the Homebuying Process” found that, despite recent uncertainty in the real estate market, recent homebuyers are primarily feeling positive, with 56% reporting excitement, some 47% joy, 44% hope, and 34% pride in the process of finding new homes. It also found that building and establishing community is a key factor in homebuying.
Additionally, they are effectively finding fulfillment in their communities; after moving, some 65% of recent homeowners said they felt more connected to them.
Since 88% of all recent and prospective homebuyers agree that they would be willing to compromise on certain aspects of their dream home for a community that is ideal for their household, it is clear that the concept of community has pushed many buyers to expand their idea of the “dream house” to include living in a “dream community.” In addition, about one-third of them intend to get involved in their new areas through entrepreneurship or civic participation.
Stephen Votino, CEO and Broker of CENTURY 21 Triangle Group, said he observes a lot of this mentality among his own clientele.
“Home is the community,” Votino said. “Although the roof over their heads and the walls surrounding them provide security, their way of life is entwined with the community. We feel connected and like we belong when we are among the people, things, and places where we work, play, and reside.”
While many Americans emphasize having a connection to their local community, roughly 89% of Hispanic Americans believe that having a connection to their community is crucial. Hispanic Americans report slightly higher levels of pride during the homebuying process at 39%, compared to all other recent homebuyers, in a subset study focused on Hispanic respondents titled, “Pride, Prosperity & Participation: The Community-Focused American Dream for Hispanic Recent/Intending Homebuyers,” according to Century 21 Real Estate. This is because a new home signifies the ability to nurture one’s own or one’s family’s future within a community1. It was also mentioned that, to this group, community is an arrangement in which everyone may contribute positively and receive assistance in return.
According to 92% of recent and prospective homeowners, it’s critical that their realtor possess knowledge of the community’s future growth.
“In today’s housing market, the role of the real estate agent is more critical than ever,” said Michael Miedler, President and CEO of Century 21 Real Estate LLC. “It goes far beyond helping clients through the buying process but also having first-hand knowledge of the communities that homeowners are moving into to help them establish a connection and envision the life are looking to build for generations to come. Having these key insights into the minds of today’s consumers allows the CENTURY 21 network to truly drive value for their clients and create an experience that will remain with them long after they hand over the keys to the house.”
The most content and optimistic millennial homebuyers were those who recently bought. All recent homebuyers, however, are affected by the high levels of anxiety (24%) and uncertainty (20%), with slightly lower percentages for younger generations. As a result, agents may help ensure that homebuyers have a great experience by offering advice on how to resolve issues and allay fears.
Compared to all recent homebuyers, recent Gen Z homebuyers in particular expressed slightly greater rates of joy and thankfulness and a lower rate of hope.
New or aspiring homeowners place a higher value on living space, proximity to their current neighborhood, and lifestyle than they do on finances.
Moving is often motivated by factors such as lifestyle and space, but proximity to friends and family is also a major factor. Furthermore, the percentage of homebuyers who move for economic reasons is actually lower than the number who consider lifestyle and community factors. It’s interesting to note that males seem to value friendship and family relationships more than women do.
Today’s homebuyers—especially millennials—are picking neighborhoods where their families may prosper and where they can have an impact, in addition to neighborhoods they will love to live in. New or beginning homeowners are inclusive and have an open attitude. 92% of people want to live in a community that values diversity, and 90% of people do not think that one’s political allegiance should prevent them from forming relationships with those around them.
Although the general trend among generations is to get along with neighbors despite differences (90%) and express a desire to “build community with my neighbors regardless of their political beliefs,” Gen Z (85%) agrees more with older generations than millennials (94% agreement).
To read the full report, including more data, charts, and methodology, click here.
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