Results from the 2021 Zillow Consumer Trends Report

By MNR News posted 10-20-2021 08:30

  

illustration of a real estate agent handing over keys to a family in front of a house with a moving company next to itKey takeaways from the 2021 Zillow Consumer Trends Report:

  • The average buyer is 45 years old, partnered or married, and has at least some college education.
    • Millennials were the generation with the largest group of buyers at 37%
    • Approximately 12% of buyers identify as LGBTQ+
    • 73% of buyers were White or Caucasian, 11% were Latinx or Hispanic, 7% were Black or African American, 5% were Asian or Pacific Islander
    • 40% of buyers have children under 18 in their homes, 4% have their parents in their homes, 57% are dog owners, 39% are cat owners
  • Most buyers purchased a single-family detached home.
  • The typical buyer submitted two offers
  • First time buyers represented 37% of buyers, which is a 6% drop from 2020.
  • 50% of mortgage buyers reported at least one denial before being approved for a loan
  • The key characteristics buyers valued in a home:
    • 84% wanted air conditioning
    • 78% wanted a preferred number of bedrooms
    • 75% wanted ample storage
  • The top reasons buyers moved:
    • 42% cited a change in their family size
    • 30% said working more from home
    • 28% said a new job or job transfer
  • 60% of buyers who financed said low interest rates prompted their decision to move
  • The most important neighborhood characteristics for buyers:
    • 64% said walkability
    • 56% said close to shopping and/or leisure activities

 

View the full report here.

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