CENTURY 21 Real Estate today released the results of the brand’s spring home buyer/seller survey, conducted online by Harris Interactive. The survey revealed that renters are more likely to make sacrifices to make their goal of home ownership come to life. For example, of those surveyed, renters said they are willing to contribute less to their 401K in exchange for their dream home.
According to the survey, U.S. adults who are currently renting feel more affected by today’s housing market conditions. In fact, 80% of non-homeowners are willing to make changes to their personal lifestyle in order to be able to purchase their dream home. These sacrifices include cutting back on dining out (50%), giving up vacations (39%) and contributing less to their 401k (10%). Detailed data points are below:
Renters are More Willing to Sacrifice to Own their Dream Home
69 percent of homeowners who don’t own what they described as their “dream home” would be willing to make sacrifices to their personal lifestyle to be financially able to purchase it. Non-homeowners are more willing to make sacrifices, and 80 percent indicated they are willing to make changes to their personal lifestyle in order to be financially able purchase their dream home, including:
- 50 percent would cut back on dining out,
- 49 percent would cut back on their shopping for non-essential items (e.g., clothing, accessories, gadgets, etc.),
- 47 percent would give up luxuries (e.g., expensive cable packages, trips to the salon, etc.),
- 39 percent would cut back on vacations, and 10 percent would contribute less to their 401(k) in order to be able to purchase their dream home.
“For those who are currently renting, purchasing a home is especially attractive right now,” said Rick Davidson, president and CEO, Century 21 Real Estate LLC. “In fact, home-affordability reached a new all-time high for the first quarter of 2012.”
With record-low mortgage rates, appealing prices and an upgraded housing forecast, current market conditions continue to generate interest among first-time home buyers.
Read the full results of the home buyer/seller survey here.