by Mike Colpitts 
A large majority postpone major life events to buy a home, a new landmark survey reveals, including getting married, having children or changing careers.
- The Harris survey found that despite home prices falling in the majority of the nation, almost three out of four surveyed are delaying major life events to buy a home before prices go up again.
- Financial motivations are the key factor for most Americans, with nearly two out of three feeling that buying a home is the single strongest avenue to financial security.
A large majority of Americans postpone major life events to buy a home, a new Harris poll found. The survey determined that home buyers are putting off getting married, having children, changing a career and even owning a pet in order to afford to buy a home first.
An amazing 71 percent surveyed are delaying at least one major life event in order to buy a home. The survey of 3,000 adults was commissioned by Coldwell Banker to get a clear understanding of how people are thinking about homeownership these days.
Home prices are declining in the majority of the nation, according to the National Association of Realtors.
Nearly one out of five or 18% are delaying marriage or having children until they can afford to buy a home. As home prices decline in many local markets, home buyers are feeling the pressure in some cases to purchase a home before prices start appreciating again.
Some 17% surveyed are putting off changing jobs, careers or getting a pet to buy a home first. Some 16% are foregoing living alone. Another 16% said they have delayed the start of a new business or becoming self-employed.
The survey found that for younger generations, buying a home may be the new entry point into adulthood as American values become more in tune with realistic financial values. More than 4 in 5 (84%) Gen Z (ages 18-28) aspiring homeowners are postponing at least one major life event until they can afford to purchase a home, with almost 1 in 3 (29%) delaying having children.
However, more than half (53%) of aspiring first-time homeowners don’t expect to buy their first home until at least age 40, suggesting milestones like starting families would be pushed back even longer until homeownership is achieved.
“While affordability remains a significant hurdle, the desire for homeownership among Americans is so strong that many are restructuring their lives to make it a reality, from postponing parenthood to moving in with family to reduce expenses,” said Jason Waugh, president of Coldwell Banker Affiliates. “This report underscores that people view homeownership not only as a foundation for personal and financial stability, but also as one of the most effective vehicles for building long-term wealth – often surpassing the stock market in perceived value.
“However, when people delay major life events in pursuit of homeownership, it inevitably shapes patterns in household formation and consumer behavior. That’s why unlocking homeownership matters, and why working with a trusted, knowledgeable real estate professional can be the key to helping people successfully navigate the market and achieve that milestone with confidence.”
Despite economic challenges, homeownership still defines the American Dream. An over-whelming majority of 85% surveyed believe homeownership is still an important part of the American dream. More than one out of two or 56% of those surveyed, said homeownership represents what the American Dream means to them personally – even more than those who say the same for getting married or having children (42%), retiring by 67 (39%), building a successful career or business (39%), or earning a college degree (23%).
Among those who don’t currently own a home, 83% want to buy a house, including 97% of Gen Zers and 93% of Millennials (ages 29-44).
Financial motivation is the key factor in life’s series of major life events. Almost two out of three or 65% of Americans say homeownership is a smarter long-term financial decision than renting in today’s housing market, and nearly half (48%) view investing in real estate as a better wealth-building action than investing in the stock market.