Among young Americans, homeownership is gaining steam. After falling sharply since the housing crash, the percentage of Americans under age 35 who own a home bumped up to 36.8 percent in the third quarter, from 36.3 percent the year before, according to U.S. Census data released last week. At Redfin, we looked into preferences among our own young homebuying clients, and found that, what a shocker, men and women disagree on some major stuff. Namely, how long they plan to stay in one home, where they want to live, and who they plan to live with. The good news is, men and women see eye to eye on other big factors.
When it comes to home buying, women are in it for the long term. Redfin’s survey data reveals that 85.3 percent of female homebuyers under 35 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.
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.
*Responses related to rural living were excluded from this chart.
First comes love, then comes home buying for most ladies under 35. 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.
Home amenities is 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.
For this report, we surveyed 1,722 active homebuyers between August 23 and 26, 2013 who had toured a home with a Redfin agent since May 15, 2013. Of those surveyed, 746 were under the age of 35. Respondents spanned 24 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Las Vegas, Los Angeles, Orange County, Miami, Long Island, Philadelphia, Phoenix, Portland, Raleigh, Riverside, Sacramento, San Diego, San Francisco, Seattle, Washington, D.C.
