What young homebuyers really want

Tuesday, November 19, 2013
By Diana Dietz, e-PRO

108724395According to a recent survey from real estate brokerage Redfin, men and women disagree on many things when it comes to buying a home  – namely, how long they plan to stay in one home, where they want to live and with whom they plan to live.

Redfin surveyed 1,722 active homebuyers between August 23 and 26, 2013 to see what criteria they use when buying a home. Of those surveyed, 746 were under the age of 35.

Highlights from Redfin’s survey include:

More women think long-term

When it comes to buying a home, women are in it for the long term. Redfin’s survey data shows that 85.3 percent of female homebuyers ages 35 and younger were looking to buy a long-term residence, where they planned to live for more than five years, compared to 73.8 percent of their male counterparts. On the other hand, men under 35 were more likely than women to purchase a home to live in for less than five years, with 23.1 percent of males and just 13.1 percent of females choosing that option.

The city vs. the suburbs

Where do most homebuyers under 35 want to live? These preferences also varied by sex. A combined 54.8 percent of under 35 women were looking to stay in or move to the suburbs, compared to 47.2 percent of men. Meanwhile, men under 35 craved an urban lifestyle, with a combined 42.9 percent of respondents looking for a home in the city, compared to 34.6 percent of women.

Spouse or no spouse

Seventy-eight percent of female homebuyers surveyed said they planned to buy a house with a spouse or life partner, compared to only 61.2 percent of men. Men, on the other hand, were more willing to go out on their own, with 35.7 percent planning to buy a home and live in it alone, with the person they are dating or with roommates. Comparatively, only 18.4 percent of female buyers planned to buy on their own.

Matching must-haves

Home amenities are one area where young male and female buyers see eye to eye. When choosing a home, good schools and proximity to work are the top two must-haves for both males and females under 35. On the other end of the spectrum, young buyers agreed that proximity to public transportation and affordable home prices were their lowest priorities.