Sixty-two percent of couples currently renting in U.S. plan to buy within three years; 98% of respondents say housing market won't affect decision of home ownership: TheNest.com 2011 Real Estate Survey
June 13, 2011
– The month of June is the most popular month to move, with 12% of moves each year occurring this month alone, according to the U.S. Census Bureau, meaning almost 40.5 million Americans will move in the next few weeks. The results of the first-ever TheNest.com 2011 Real Estate Survey found that a majority of couples currently renting (62%) plan to buy within the next three years. The survey also found that approximately half of couples rent (49%), while the other half own (51%). To get behind the reasons for buying (or not buying), TheNest.com, a lifestyle site for young couples from leading lifestage media company The Knot Inc. (NASDAQ:KNOT - News), surveyed more than 1,400 women on TheNest.com who bought or rented their current home with their partner. And they let us in on why they’re waiting to buy, what they’re looking for in a home and how the search has affected their relationship with their partners.
“With 86% of renting couples planning on purchasing their first home within the next five years, we really wanted to get to the bottom of what motivates people to buy or continue to rent,” says Carley Roney, editor in chief of TheNest.com. “This tell-all survey featured on TheNest.com reveals everything from what pressures a couple encounters during the buying process to how long they wait to buy and why, and delves into relationship issues that arise during the search.”
TheNest.com 2011 Real Estate Survey Highlights
HOUSING MARKET NOT A FACTOR. A mere 2% of those currently renting said they were waiting to buy until the housing market recovers, as the vast majority (98%) have other reasons to wait. One reason? Saving for a down payment. Approximately one-third (36%) of renters are in the process of saving for a down payment, holding off their search until they are fiscally ready to buy. Another third of renters (32%) are waiting to buy until they know where their family will settle for the long term.
COUPLES FOUND A HOME FASTER THAN THEY PLANNED. Approximately one in five home-owning couples (22%) allocated three months or less to finding a home, but almost half (46%) found their home in less than three months. Leading the search are the ladies: Whether renting or buying, one in three women (35%) took the lead in finding a couple’s home, compared with a mere 11% of men.
MAJORITY BELIEVE REAL ESTATE IS STILL A GOOD INVESTMENT. A large majority – 92% – of those surveyed believe that real estate is still a good investment; however, one in three couples no longer consider owning a home part of the “American Dream.” Keeping up with the Joneses also comes into play, as 14% of couples say they felt pressure to buy a home because many of their friends are homeowners.
BUDGET IS THE MOST IMPORTANT FACTOR. Staying within budget when searching for a place was a key factor for both partners, with more than 83% of couples agreeing it was very important to them. Not surprisingly then, out of the 28% of couples who argued during their search, approximately one-third of them (37%) argued primarily about their budget and finances.
COMPROMISING HAPPENS. More than half (58%) of couples compromised on the place they ended up choosing. For some couples (42%), they were small compromises, and all their major wants and needs were met. For others (14%), said there were large compromises, such as choosing a “starter home” and opting to wait until their next move to get all their major requirements.
MOST SURPRISING? HOW MUCH IT ALL COSTS. For home owners, the most surprising factor of the home-buying process was how much it all costs. One in three couples (37%) were surprised by how much the process actually cost including all fees and other expenses. The second most surprising factor? How stressful the experience was, with one in four couples listing that as their number one surprise.
To help couples navigate the complicated and stressful world of finding a home, TheNest.com has created a Real Estate channel where you can find articles and tools on:
* Buying a Home: Quiz: Are You Ready to Buy?, 9 Things to Ask Before Hiring an Agent and 12 Biggest House-Hunting Mistakes to Avoid
* Mortgages: Mortgage Basics, Start Here!, 5 Biggest Mortgage Blunders and How to Pick the Right Mortgage for You
* Renting: New Nabe Right for You? Test Drive It!, Renter’s Insurance 101 and How to Rent with the Option to Own
About The Nest
The Nest (www.thenest.com) is the only brand focused exclusively on young nesters setting up homes and navigating new lives together, reaching millions of couples each year through TheNest.com, The Nest magazine and The Nest books, The Nest Home Design Handbook and The Nest Newlywed Handbook (published by Clarkson Potter). The popular offshoot of The Knot takes a hip how-to approach to all things “grown-up”: merging finances, buying and decorating homes, cooking and entertaining, family relationships and more through expert Q&As, an online community and interactive tools. The Nest is a part of The Knot Inc. (NASDAQ:KNOT - News), the premier media company devoted to weddings, pregnancy and everything in between.
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