Eighty-two percent of unmarried consumers would rather invest in buying a home than paying for a big wedding.
Likewise, 77% of consumers said they would rather use their money toward homeownership over an expensive vacation. According to Coldwell Banker’s Fall Sentiment Survey, college graduates would also rather own a home over paying off their student debt, at 41% vs. 17%. Across generations, Generation Z and millennials were more likely than baby boomers to say owning a home was more important. The only financial goal that surpassed homeownership for consumers was saving for retirement, common across all generations, except Generation Z, who prioritized homeownership now.
For those who are renting right now, 47% reported that owning a home is an important financial goal, only behind saving for retirement, but ahead of saving for a big vacation, saving for children’s education, saving for a luxury purchase or paying off student loan debt.
Among Hispanics, the desire to own is higher than other ethnicities, according to 42%. This surpassed even saving for retirement as the biggest financial goal. Black respondents were more likely than white (non-Hispanic) respondents to say that owning a home is a big financial goal.
“The 2021 housing market has been marked by low inventory and competition as Americans continue to keep homeownership top of mind. Our latest survey suggests that, with generations of all ages and backgrounds prioritizing homeownership over other financial goals, this sellers’ market may continue into 2022,” said M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC, in a statement.