Key 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.