Homeownership Survey Results: Adapt Your Strategy for Shifting Consumer Sentiment
A recent survey about homeownership finds that while consumers believe in homeownership, many think now is not the right time to buy
Jan. 25, 2023
Consumer survey results show respondents do not think now is a good time to invest in buying a home. | Image: Asier / stock.adobe.com
In the survey of 1,347 U.S. homeowners and renters conducted by the New Home Trends Institute by John Burns Real Estate Consulting, respondents ranked investment potential as the No. 1 reason why homeownership is important. But 66% of survey respondents believe now is not a good time to invest in a home, with 22% of that group believing now is a "very bad time" to invest. Just 3% think now is a "very good time" to buy a home.
As a result, the report anticipates home purchases are likely to be delayed for more than just affordability reasons, and the market will see demand for rentals increase, creating tailwinds for what is an already robust rental market. The report's finding show the top two reasons build-to-rent communities appeal to homeowners as: community upkeep, and having fewer maintenance responsibilities and associated costs.
Builders, investors, and building products companies will need to adapt their strategies accordingly.
