In a market bogged down by high housing costs, some buyers are willing to make sacrifices to afford a home. A recent survey by housing market data tracker Redfin shows nearly one in five house hunters are prepared to compromise their physical safety to purchase a home within the next year. While survey respondents generally preferred to forgo certain housing features, such as the number of bedrooms, a notable portion—particularly among younger generations—expressed a willingness to buy in areas deemed less safe if it means they can purchase an affordable home. Nearly 24% of Generation Z respondents indicated they would live in a less safe area for the right price, compared with 18.1% of Millennials and 17.5% of Generation X. Just 5.5% of Baby Boomers were willing to make the same trade-off.
“Younger generations have come of age during a housing supply crunch, where prices are at all-time highs. 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,” said Redfin Senior Economist Elijah de la Campa. “When the typical household earns less than is needed to buy or rent a typical home, house hunters can’t afford not to make sacrifices.”
PB Topical Ref
