Nearly one in every five (17.3%) house hunters are willing to sacrifice their physical safety to find a home they can afford within the next year, according to a new survey of 3,000 homeowners and renters from Redfin (NASDAQ:RDFN).
Among age demographics, nearly one in four (23.7%) Gen Z respondents said they are willing to live somewhere less safe for the right price, compared to 18.1% of millennials and 17.5% of Gen Xers. Only 5.5% of Baby Boomers said they would trade their safety.
More than one in four (28%) said they would be willing to live in an area with a higher risk of natural or climate disasters such as fire, flood or poor air quality, if it meant being able to afford a home.
On the flip side, 16.4% of survey respondents said their concern for safety/crime was at least one of the factors driving their decision to move. More than one in five Gen Xers (20.8%) said safety/crime was a contributing factor for their move, compared to 17.6% of boomers, 15.3% of millennials and 12.8% of Gen Zers.
“Younger generations have come of age during a housing supply crunch, where prices are at all-time highs,” said Redfin Senior Economist Elijah de la Campa. “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. 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.”
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the cause of the “housing crisis” is directly – directly- the present Harris-Biden administration. unfettered free money to millions of undeserved, sometime criminals, but nearly all the result of buying votes in anticipation of the coming election.
Now, money is hard to buy [mortgages], more critical reviews of borrower’s financial status…. illegal’s by the millions are in our country – again Harris/Biden – all in need of housing, education, food, medical care, clothing… never ending – courtesy of Harris/Biden… and she is cocked and primed to become our President! If it were not so obvious, I would have laughed […K. Harris…] – but it is a possibility – because Democrats [I am, I didn’t] voted them in.