December 07 2021
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, 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, according to the latest survey from Coldwell Banker Real Estate.
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.
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
Forty-one percent 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:
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. Fifty-seven percent of young homeowners (age 18-34) have felt their housing needs impacted by a growing household in October 2021 compared with 50% in February 2021.
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!
Overall, Americans are still dreaming about the idea of home. They're showing that home can be anywhere as they redefine the American Dream.
"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," said M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC. "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."