Dreaming about moving? You're not alone. How the "Great Resignation" is sparking real estate dreams across America
Coldwell Banker Real Estate reveals insights from a survey about changing trends in homeownership amid the "Great Resignation." A significant 41% of employed Americans are willing to accept lower salaries to move to affordable locations. Younger generations, particularly those aged 18-34, show a higher inclination towards this shift. Popular destinations include Miami, Atlanta, and Austin. The survey also indicates a growing preference for assistance in the home-selling process, emphasizing the need for trusted guidance in the evolving real estate landscape.
- 41% of employed Americans willing to move for affordability indicates potential market growth.
- Young homeowners (18-34) increasingly seek affordable housing, expanding the target market.
- Coldwell Banker's RealVitalize program offers services that enhance seller experiences, potentially increasing sales.
- The willingness to take pay cuts suggests potential economic instability among younger demographics.
- Growing household sizes may indicate pressure on housing supply and prices.
MADISON, N.J., Dec. 7, 2021 /PRNewswire/ -- While homeownership is important to many Americans, they are no longer confined to their previously held beliefs about where home can or has to be. Thanks to the "Great Resignation," the movement of people leaving the workforce during the pandemic, many Americans don't feel tethered to just one place anymore. In fact,
Conducted online by The Harris Poll among over 2,000 US adults, this survey reveals that the real estate renaissance means real estate markets across the country are ramping up to welcome all kinds of new residents.
Dreaming Becomes Doing
Coldwell Banker set out to discover what's on home buyers' and sellers' minds and it turns out that younger generations are more inclined than their older counterparts to live in more affordable locations, even if it means taking a lower salary. Compared with survey data from earlier this year, the brand also found that household sizes are continuing to expand.
- The "Great Resignation" Is Impacting Home:
41% of employed Americans would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location. And younger employed Americans are more likely to be willing to do so than their older counterparts – those 18-44 are more likely than those 45-54 to be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location: - 18-34 (
51% ) - 35-44 (
47% ) - 45-54 (
32% ) - 55-64 (
27% ) - Budget Friendly Moves: Nearly half (
46% ) of employed Americans who live in the northeast and west regions would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location. - Space To Grow: Household sizes are continuing to grow, especially with younger homeowners.
57% of young homeowners (age 18-34) have felt their housing needs impacted by a growing household in October 2021 compared with50% in February 2021.
Where Are They Headed?
Americans are chasing the sun as Miami, Florida; Atlanta, Georgia; and Austin, Texas emerged as some of the top locations they would consider relocating. Coldwell Banker affiliated agents are already welcoming new residents in these regions!
- Welcome to Miami: Nearly a third (
31% ) of males aged 18-34 would consider moving to Miami. Females aged 18-34 were more likely to consider relocating to Austin among the options listed (21% ). - For the Sake of the Kids: Miami and Austin also ranked the highest among the options listed in potential relocation for those with children under 18 in the household at
21% and17% , respectively. - Black Americans Are Interested in Atlanta:
28% of Americans who self-identified as Black (Not Hispanic) would consider relocating to Atlanta, the highest percentage for Black respondents of any major city surveyed.
Americans Aren't Afraid to Sell Their Homes, But They Still Want Help
Overall, Americans are still dreaming about the idea of home. They're showing that home can be anywhere as they redefine the American Dream. While the home selling process has become less intimidating to homeowners, they're still seeking help from experienced Coldwell Banker agents who have served as trusted advisors, guiding people home since 1906.
- Chill Out: The home selling process is becoming less intimidating to homeowners. Only
16% of homeowners in October 2021 say an intimidating home selling process would be a concern if they were to list their home today, compared with20% in June 2021 and24% in February 2021. - Putting Your Listing to Work: Over a third of Americans (
34% ) would like a program that offers benefits to a seller such as no upfront cost for renovations, instant cash offer or additional listing exposure when looking for a real estate website to use when buying or selling a home. - Tech Dreams to Get to Your Destination: The top features homeowners want in a real estate website when buying or selling are a feature that would give them an estimated sale price for their home (
39% ) and a feature that would let them compare the cost of living in different zip codes (37% ).
Coldwell Banker takes the lead by offering programs and services to meet consumers' desires.
The RealVitalize program, combined with the expertise of Coldwell Banker affiliated agents, provides a powerful advantage for sellers looking to sell their home faster and for a better price. It also removes the stress of finding funding for projects as money is paid back during closing. The program draws from a pool of expert professionals from Angi, the nation's largest network of pre-screened, homeowner-rated service professionals. Clients are connected with top-rated local pros to ensure the job gets done right.
RealSure, a joint venture between Realogy and Home Partners of America, is a residential real estate transaction solution that helps consumers buy and sell their homes with confidence. RealSure's differentiated offering keeps agents from Realogy's brands, including Coldwell Banker, at the center of every transaction.
Coldwell Banker announced in October that it would reboot coldwellbanker.com and turn it into the ultimate seller destination online. Stay tuned in 2022 for what this will mean for homebuyers and sellers.
CLICK TO TWEET:
QUOTES:
"Our latest survey reveals that young adults no longer feel constrained to living in the same city, even if it means taking a lower salary in exchange for living in a more affordable location. Younger folks may be redefining the American Dream, but one thing remains clear: Americans are still prioritizing homeownership. If you're ready to make those dreams a reality, our Coldwell Banker agents are prepared to guide you home, wherever that may be."
- M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC
Survey Methodology
These surveys were conducted online within the United States by The Harris Poll on behalf of Coldwell Banker. The October survey was conducted from October 21 - 25, 2021 among 2,027 adults ages 18 and older, among whom 1,307 are homeowners. The June survey was conducted between June 22-24, 2021 among 1,335 homeowners ages 18 and older. The February survey was conducted from February 23-25, 2021 among 1,356 U.S. homeowners ages 18 and older. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodologies, including weighting variables and subgroup sample sizes, please contact dgorecki@gscommunications.com.
About Coldwell Banker Real Estate LLC
Powered by its network of over 99,000 affiliated sales professionals in approximately 2,200 offices across 40 countries and territories, the Coldwell Banker® organization is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. Coldwell Banker Real Estate is committed to providing its network of sales professionals with the tools and insights needed to excel in today's marketplace and is known for its bold leadership and dedication to driving the industry forward. The brand was named among the 2021 Women's Choice Award® Most Recommended brands for customer experience and overall quality. Blue is bold and the integrity and values of Coldwell Banker give the Gen Blue network an unbeatable edge. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. To join Coldwell Banker Real Estate and unlock the possibilities of Gen Blue®, please visit www.coldwellbanker.com/join.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is moving the real estate industry to what's next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, Realogy supported approximately 1.4 million home transactions in 2020. The company's diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of its approximately 196,600 independent sales agents in the U.S. and approximately 140,800 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for ten consecutive years as one of the World's Most Ethical Companies, Realogy has also been designated a Great Place to Work four years in a row, named one of LinkedIn's 2021 Top Companies in the U.S., and honored on the Forbes list of World's Best Employers 2021.
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SOURCE Coldwell Banker Real Estate LLC
FAQ
What percentage of Americans are willing to take a pay cut to move for affordability?
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