Since the end of the COVID-19 pandemic, many consumers are using their homes in new and different ways. These include living with multiple family members under one roof, expanding outdoor living spaces, and even growing some of their own food.
When you add in the ever-rising property prices, the result is a change in consumers' perceptions of home ownership that you may want to keep in mind during the months ahead.
According to Fannie Mae's latest National Housing Survey®, almost half of consumers interviewed said that their home has become more important to them over the past few years. Only 10% said their homes were less important. This shift in attitudes is driven by their appreciation for their homes' location and the sense of security it provides.
Over 50% of the respondents said that their home is also a place for exercise, hobbies, growing food, and gardening. While some remote workers have returned to the office, there are still plenty working from home. In addition, more homeowners feel more secure within their homes. While the financial benefits of home ownership are still considered the best reason to buy, the gap between equity and comfort has closed significantly during the past decade.
fanniemae.com