New Redfin Survey Reveals More Than A Quarter Of Homebuyers Prioritize Space And Lower Cost Of Living Over Safety Concerns

In a housing market marred by soaring prices, high mortgage rates, and limited inventory, a survey from Redfin suggests that some prospective homeowners are now willing to make compromises to secure an affordable property.

The survey, conducted in February, found that while 32.4% of respondents were likely to move within the next year to gain more space, 26.4% said they are moving to capture lower living costs.

Some of those movers are foregoing personal safety for those lower living costs. 

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The survey found that roughly 17% of all house hunters are willing to compromise on personal safety to afford a home. The willingness to compromise on safety was more apparent among younger generations. Nearly a quarter of Gen Z respondents (23.7%) said they would consider living in a less safe area to find a home within their budget, compared to 18.1% of millennials and 17.5% of Gen Xers. In contrast, just 5.5% of baby boomers expressed a similar willingness.

Elijah de la Campa, a senior economist at Redfin, attributes it to the economic realities facing young Americans. “Younger generations have come of age during a housing supply crunch, where prices are at all-time highs,” de la Campa said. “Couple that with them earning less – relative to older generations – and you can see why they are willing to make more serious sacrifices to find a home they can afford.”

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Beyond safety, prospective buyers indicated a willingness to compromise on various amenities and location factors. Access to health care services topped the list, with 41% of respondents saying they would trade proximity to their doctor or hospital for a more affordable home.

Thirty-six percent said they would give up easy access to restaurants, bars, and coffee shops.

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Perhaps most notably, more than a quarter of respondents (26%) said they would consider sacrificing access to highly-rated schools for affordability. That finding points to many families’ difficult choices in balancing educational opportunities with housing costs.

The survey also highlighted a willingness to compromise on commute times and work-from-home arrangements. About 34% of respondents said they would accept a longer commute for a more affordable home, while 27% would consider giving up dedicated space to work from home.

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The findings come at a time when the U.S. housing market grapples with affordability issues. Despite recent cooling in some markets, home prices remain historically high, outpacing wage growth in many areas.

As the housing affordability crisis persists, the Redfin survey suggests that many Americans are reassessing their priorities and considering compromises they might have once deemed unthinkable.

While the willingness to make the trade-offs speaks to the adaptability of American homebuyers, it raises questions about the long-term consequences of a housing market that increasingly forces difficult choices on those seeking homeownership.

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