Statistics

What Draws First-Time Buyers?

Home improvement website Porch.com wanted to know what influences the decisions of first-time homebuyers, what causes them to fall into “love at first sight” with a home. So they conducted a survey, which had about 1000 respondents. The survey consisted of a list of various factors and asked respondents to rate how much that factor influenced their decision.

According to the results, the three most important factors are affordability, being “move-in ready,” and neighborhood. Across all three generations surveyed — baby boomers, Gen Xers, and millennials — the home being within the budget was the most important factor, though baby boomers were unique in placing neighborhood above “move-in ready” status. Budget was the most influential factor for 67% of baby boomers, 61% of Gen Xers, and interestingly, only 48% of millennials, though it was still the largest single category. The lower value may be because many millennials are currently caught in an economic environment in which housing affordability is low, so they must take more budget risks to be able to afford a home at all.

More: https://magazine.realtor/daily-news/2018/12/26/survey-why-first-time-buyers-chose-their-homes

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