October 22, 2018
Why Americans Prefer to Buy Suburban Homes (For Now)
The number of factors that go into the desirability of certain kinds of home-ownership are legion. Americans are a striving sort, and the kinds of homes we here at Topouzis & Associates, P.C., help people to close on reflect the value placed on independence, community, the number opportunities for any children they might have, and the social status conveyed by homeownership.
In its most recent “Homeownership Aspirations” survey report of people in 20 metro areas, Zillow revealed that the majority of Americans—94%—would prefer to own their own home, given the money to do so. And of those who responded, 82% said they would want to own a single-family home, and 56% of all respondents would want that home to be situated in the suburbs (some readers may be surprised to learn that this majority held true—though only at 52%—for the typically-urban-favoring younger set of adults under 35). This overall trend held whether the respondents were in Cape Canaveral, Florida; Sleepy Hollow, Massachusetts; or Providence, Rhode Island. But there were some differences among respondents in the states we serve at Topouzis & Associates, P.C.
For example, respondents in Miami and Tampa indicated favoring denser living arrangements—condos , co-ops or apartments—at a rate of 12% or more (compared to an all-markets average of 10%). Generally, as one might expect, this trend was consonant with living in a more urban area.
Boston-area respondents, however, belied this general trend by favoring the suburbs decisively.
It’s in Transit
The tendency to favor stand-alone, suburban homes appears to go hand-in-hand with the ever-important matter of transportation.
39% of Americans want to live in proximity to major highways, with 29% preferring a nearby source of public transit.
It appears, in other words, that Americans want spacious living situations, with a yard and easy access to the means by which to reach work and leisure, along with the freedom of travel embodied by automobile ownership.
The younger respondents to the survey do show a slightly higher preference for dense living situations and public transit than do their forebears. Only time will tell whether this trend holds out for this age group, or whether they will come to value independent personal values at a rate similar to those in the more advanced age groups.
The real estate market tends to award close scrutiny, especially where purchasing trends and aspirations are concerned. Investors want to know what sort of properties are in highest demand, as do realtors looking to show properties, and banks looking toward the future in their lending practices. And everyone in the process wants to know that a property purchase is made with as few defects as possible.
We at Topouzis & Associates, P.C. are experienced at title searches, and we are supported in supplying title insurance by numerous underwriters. Contact us if you’re part of the search for a new property, whether for home ownership or investment, and we’ll put our vast experience to work for you, ensuring clear sailing through the closing process and beyond.