WASHINGTON–A number of factors are driving the increasing importance consumers have been placing on their homes since the pandemic, according to findings released as part of a Fannie Mae National Housing Survey special topic analysis.
In a new Housing Insights piece, Kevin Tillmann, Lead Associate, Economic and Strategic Research, shares how the implicit value of a home has evolved for consumers, and how their changing needs and preferences might impact future homebuying decisions, according to Fannie Mae.
Key Findings
Among the key findings in the analysis:
- Almost half of consumers say their home has become more important to them over the past few years, compared to just 10% who say their home has become less important to them. “This shift is driven primarily by consumers’ appreciation for the location of their home and the sense of security it offers,” Fannie Mae said.
- More than half of consumers say they have made functional changes to how they use their home in the last few years. “These changes include using the home as a gym or for hobbies, growing food or gardening, and working from home.”
- “Although more consumers still say the security and lifestyle benefits outweigh the financial benefits as the best reason to buy a home, this gap has closed significantly since we last asked the question in 2015,” according to Fannie Mae.
For additional information, Fannie Mae has made available the full research deck.
