2020 NextGen Homebuyer Report PU B LI S H E D BY CU LTU R A L OUTR E AC H I N CO LL A BO R ATI O N W ITH N ATI O N A L M I OCTOBER 2020 KRISTIN MESSERLI & TAY L O R P O T T E R
Contents Preface
4
Executive Summary
6
Background & Methodology
8
Financial Snapshot
10
Hurdles
14
Influence
18
Communication
19
Conclusion
20
The Gender Gap
21
COVID-19 and the NextGen Homebuyer
26
About Cultural Outreach and National MI
28
Appendix A
30
Preface When we launched the initial survey, mandated stay-at-
Note that this does not indicate that there is no disparity
home orders had just begun in Los Angeles. Since then,
in race, socioeconomic status, or other demographic
a lot has changed in the world. To reflect some of these
characteristics. We only surveyed recent or current
changes, we followed this up with a smaller “pulse” survey
homebuyers rather than consumers as a whole, which
in mid-September to check in on buyer sentiment.
eliminates a large portion of the prospective home buying market.
This additional data provides clarity about the characteristics of mid-pandemic home buyers and the
I am most excited to apply our research to the
influence COVID-19 has had on the purchase market.
development of programs and marketing to reach this
Our respondents consistently expressed optimism and a
generation. In addition to many other implications, this
stronger desire to purchase quickly as a result of COVID-19
data indicates a strong need for better financial
due to a need for more space and low interest rates.
education at a younger age and strategies to instill greater confidence in the home buying experience.
One unique aspect of this report is the research on financial literacy within NextGen buyers, as well as
Thanks to all who support these efforts, and we hope
questions that clarified their emotional relationship to
this report will be a useful resource as we move our
money. Today, it is widely understood that childhood
industry forward.
experiences significantly impact our adult lives, but there is very little research on the psychology of our financial behavior.
Cheers,
We compared responses across socioeconomic status, family size, race and ethnicity, region, and gender. Our research indicated that gender, above all other demographic characteristics, had the biggest disparity in financial outcomes. NextGen women demonstrated significantly lower levels of financial literacy. Even when controlling for children and income, women were more stressed about their finances and less likely to save or invest. Women were more likely to have a “savings” mindset in
Kristin Messerli
contrast with the “investing” mindset characteristic of
Founder and President, Cultural Outreach
our male respondents. What I found most compelling was
Cofounder, Ardley Technologies Inc.
the correlation between childhood financial education and adult financial habits: women were 38% less likely than men to have learned how to create a budget during their formative years.
4 2020 NextGen Homebuyer Report
Additional Contributors:
Taylor Potter, Co-author and Data Analyst, Cultural Outreach Sarah Vita, Editor and Promotions, Cultural Outreach Ashley Smith, Graphic Designer, Cultural Outreach Cindy Smith, Editor, Cultural Outreach Diana Olveira, Editor and Sponsor, National MI
2020 NextGen Homebuyer Report 5
Executive Summary NextGen buyers account for one of every three home purchases, yet their buying trends are a departure from generations before them. The NextGen first time homebuyer is older and less likely to be married than the first time homebuyers of past generations. To better understand this generation, and their attitudes and perceptions of home buying, Cultural Outreach collaborated with National MI on a home buying survey. The survey was completed by 1,450 NextGen buyers, ages 22-37, that purchased a home in the last 3 years or plan to purchase a home in the future.
The survey covered four questions regarding homeownership, designed to give real estate and home professionals a better understanding of how to work with NextGen buyers. 1. Finances: What is the financial picture of NextGen homebuyers? And specifically, how does their financial past influence their financial present?
2. Hurdles: What are the perceived hurdles in the home buying experience?
3. Influence: Who influences NextGen buyers during the buying process?
4. Communication: What is the best way to communicate to NextGen buyers?
The financial picture of survey respondents is optimistic.
NextGen that received early financial education have a higher likelihood of homeownership and good money habits. Owning a home is a priority for NextGen, and 77% say downpayment is their primary financial hurdle. Buyers expect to pay the entire down payment themselves; and only 25% are aware of down payment assistance programs in their area. Once they become homeowners, NextGen shifts their focus to savings and investing. Savings is the top financial priority for 82% of recent buyers and 92% have savings in some capacity.
The home buying process is not without challenges.
One of every three buyers cites the loan application and closing primary challenges in the process, aspects of home buying that real estate professionals can actively improve and manage. Additionally, affordability, down payment, and confidence concern NextGen buyers. One in every five buyers are not confident in their understanding of any step in the home buying process, and sixty-eight (68%) cite affordability as their biggest fear related to home buying.
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NextGen buyers primarily turn to online research to prepare for home buying.
According to the survey, 97.5% of future buyers said they will turn to online
Facebook, YouTube, and Instagram are the most active social media platforms.
Nine of every 10 respondents check Facebook weekly, and 7 of 10 respondents
For most NextGen buyers, homeownership is not about cost-savings; it is about pursuing a dream.
Whether it is starting a family, seeking independence, or building wealth, this
resources to learn about the process. After the purchase, buyers say real estate professionals were the most influential source to learn about the home buying process. Buyers seek informed, reliable, and clear advice.
check Instagram and YouTube weekly. Buyers prefer phone calls and texts 2:1 over email.
generation has big dreams. NextGen homebuyers and future buyers have shown adaptability and optimism regarding their financial situation and homeownership dreams.
2020 NextGen Homebuyer Report 7
Background & Methodology In April 2020, Cultural Outreach collaborated with National MI to study NextGen homebuyers. The initial survey was completed in April 2020 by 950 NextGen buyers, ages 22-37, that purchased a home in the last 3 years or plan to purchase a home in the future. A follow-up, “pulse” survey was administered to 500 NextGen homebuyers in September 2020.
NextGen:
NextGen buyers account for one of every three home purchases. Next Generation,
Millennials born between 1981-1996
or “NextGen”, refers to Millennials born between 1981-1996, and Generation Z,
Generation Z born between 1996-2010
past decade, as they do not often follow a traditional “life path” compared to
born between 1996-2010. Millennials have shifted home buying trends over the previous generations. The homeownership rate of Baby Boomers at age 30 was 49%, compared to a homeownership rate of 36% of Millennials at age 30.1 This shift can be attributed in part to delayed household formation and career development as a result of the Great Recession, the doubling of student loan debt in the past 20 years, and a lack of affordable housing options in major cities.
However, according to The America at Home Study, almost half of current renters (46%) say they would prefer to own versus rent.2 At the same time, buyer demographics have changed. A quarter of Millennial homebuyers buy homes before getting married, single women make up the second largest cohort of buyers demographic, and 46% of Millennials identify as ethnic minorities.3
Understanding NextGen homebuyers is critical for today’s market. The survey covers four questions regarding homeownership, designed to give home buying professionals a better understanding of how to work with these generations.
1 2 3
Finances: What is the financial picture of NextGen homebuyers? And
specifically, how does their financial past influence their financial present?
Hurdles: What are the perceived hurdles in the home buying experience?
Influence: Who influences NextGen buyers during the buying process?
Communication: What is the best way to communicate with NextGen buyers?
Nova, Annie Waiting to buy a house could hurt millennials during retirement, CNBC, 2018. The America at Home Study, April 2020 US Census Bureau, 2019
8 2020 NextGen Homebuyer Report
Data Analysis
The survey respondents are Generation Z and Millennials, ages 22-37, that purchased a home in the last 3 years or plan to purchase a home in the future. Data was analyzed across all respondents, and segmented between “recent buyers” (54% of respondents), defined as those that purchased a home in the last 3 years, and “future buyers” (46% of respondents), defined as those that plan to purchase a home in the future. The survey was a total of 41 questions, 14 answered by all respondents, 16 questions for recent buyers, and 11 specific to future buyers. Each question was reviewed for significance at 95% and 90% confidence levels. Following significance testing, responses were reviewed by demographics to determine if there was any significance in gender, ethnicity, income, education, parental and marital status.
Respondent Characteristics
Responses were collected from all 50 states, the District of Columbia and Puerto Rico. Respondents were primarily city and suburban dwellers, rather than rural (only representing 13% of respondents). Respondents that had recently purchased a home were most likely to be 28 and older. One in four homebuyer respondents (26%) live in multigenerational homes. One-third (31%) of recent buyers plan to use the property for income generation, like rental or Airbnb. A full list of respondent demographic data available in Appendix A.
Follow-Up Survey & Analysis
In September 2020, five months after the initial survey, Cultural Outreach surveyed an additional 500 future buyers to re-examine homebuyer attitudes in a later stage of the COVID-19 pandemic. The survey covered NextGen consumers that plan to buy a home within a year.
A Note About COVID-19
The initial survey was completed in April 2020, a few weeks after many stay-at-home orders were in place. The survey contained a series of questions regarding COVID-19, as they relate to home buying. For respondents that plan to buy a home in the future, 71% remain optimistic about buying a home. A full review of the COVID-19 related data is contained within the report.
2020 NextGen Homebuyer Report 9
Financial Snapshot What is the financial picture of NextGen homebuyers? How does their financial past influence their present?
Every generation contains some similar characteristics due to the shared experiences in current events and the culture in which their parents raised them. For millennials, one of those defining moments was the Financial Crisis of 2008. Millennials entered adulthood during or immediately following the crisis. This had a major impact on their trust level with financial institutions, and homeownership has not always translated into security as it has for previous generations. While this experience is one contributing factor to low homeownership rates in this demographic, there are promising indicators of financial management and home buying among NextGen respondents.
NextGen that received early financial education have a higher likelihood of homeownership and good money habits.
Recent homebuyers (72%) were significantly more likely than future homebuyers (62%) to grow up learning how to make a budget or financial plan. NextGen that grew up learning how to make a budget are 2.5 times more likely to have an emergency fund saved, and 78% have 3 months of emergency funds saved. In fact, the survey results showed that financial education is a better predictor of homeownership than parents’ household income. Financial education is a major contributing factor to good money habits.
Once they become homeowners, NextGen shifts their focus to savings and investing.
10 2020 NextGen Homebuyer Report
Savings is the top financial priority for 82% of recent buyers and 92% have savings in some capacity, with retirement investments being most common. The type of savings was heavily dependent on demographics. Male respondents were 3.5 times more likely than female respondents to be investing in the stock market; females were more likely to have high-yield savings accounts.
Financial Priorities for NextGen Homeowners What are your financial priorities? (ranked highest to lowest) 1. Savings 2. Children 3. Own a home 4. Travel 5. Wedding NextGen Homebuyer Report, Cultural Outreach, October 2020, n=513
Savings of NextGen Homeowners How are you saving money?
61%
Roth IRA or 401(k)
53%
High Yield Savings Account
44%
Investing in the Stock Market
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=513
2020 NextGen Homebuyer Report 11
NextGen buyers are stressed about finances; even with debt in relatively low amounts.
Challenges around debt have plagued this generation, as student loan debt has doubled in the last 20 years and 52% of millennials carry balances on their credit cards every month.4 This survey showed favorable indicators that debt was not a concern for recent and future buyers. While NextGen respondents indicated they were stressed about finances, debt is not a major factor. Respondents had debt, but in relatively low amounts. Seven of every 10 respondents have consumer debt, consistent across recent and future buyers, and across all income ranges. However, they have relatively low amounts of consumer debt, 77% of respondents had less than $20k in consumer debt, including student loans.
NextGen & Debt How much consumer debt?
46% 30%
Less than $5,000
24%
$5,000 - $20,000
Over $20,000
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=666 4
Stolba, Stefan, Millennials and Credit: The Struggle is Real, Experian, 2019.
12 2020 NextGen Homebuyer Report
NextGen & Debt What kind of consumer debt?
64% 46%
47%
6% Credit Card Debt
Student Loan Debt
Car Loan
Other
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=666
2020 NextGen Homebuyer Report 13
Hurdles What are the perceived hurdles in the home buying experience?
Leading up to buying a home, buyers fear challenges with affordability. Saving for a down payment is the biggest financial hurdle and confidence is the biggest non-financial hurdle. During the home buying process, 95% of buyers experience challenges, ranging from contract negotiations to closing.
Affordability is the biggest fear among homebuyers. Seven of 10 (68%) cite affordability as their biggest fear related to home buying. Affordability is multifactored, encased in this issue are housing market and pricing dynamics, homebuyer finances, and understanding of programs to support buyers.
Saving for a down payment is the primary financial hurdle.
Hurdles to Homeownership
For future buyers, 77% say owning a home is their financial priority, above savings, travel, investing, starting a family, or saving for a wedding. Both recent buyers and future buyers cite a down payment as the top financial hurdle to becoming homeowners. Six of every 10 future buyers (or 59.7%) cite the down payment as the biggest hurdle, compared to four of 10 citing debt (37.3%), three of 10 citing the burden of monthly payments (34.8%), and only two of 10 future buyers citing bad credit (22.4%).
Down Payment
Debt
Monthly Payments
Bad Credit
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=437* *Top 4 answers from 593 responses with 437 participants to “select all that apply�
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Additionally, seven of 10 (67.7%) are saving less than $500/month towards a down payment, the equivalent of $6,000 or less per year. According to Zillow, the median home price in the US is just under $250,000. At that rate, the average buyer would save 8 years for a 20% down payment. This is consistent with recent buyers, with a down payment as the leading financial hurdle, followed by the burden of monthly payments (28% of buyers) and by debt (26% of buyers). NextGen buyers expect to pay the entire downpayment themselves, and often lack awareness of available resources. Buyers are likely to fund down payments themselves, as only 22% expect assistance from family members and only 25% know about DPA programs. Among recent buyers, as 29% received gift money and 26% of recent buyers received DPA funds.
Monthly Savings for Down Payment
$200 - $499
33%
$1,000 or more
17%
35%
Less than $200
15% $500 - $999
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=437
2020 NextGen Homebuyer Report 15
Confidence is the primary non-financial concern among buyers.
NextGen buyers are not confident in the home buying process. In fact, one in every 5 buyers is not confident in understanding ANY STEP of the process. Future buyers are most confident in knowing what a mortgage is, as 61% of buyers are confident in their understanding of mortgages. Conversely, one in every four future buyers does not feel confident in their understanding of mortgages. In fact, 40% say qualifying for a mortgage is one of their biggest fears related to home buying.
How confident are you in your understanding of these concepts? Mortgage
61%
Home Insurance
52%
Interest Rate
47%
Appraisal
30%
Contract
28%
Home Warranty
23%
Escrow
22%
Earnest Money
15%
Title Insurance None of the Above
15% 18%
Most Confidence Mortgage Insurance Interest Rates
Least Confidence Earnest Money Escrow Title Insurance
NextGen Homebuyer Report, Cultural Outreach, October 2020, n= 437* *1510 responses from 437 respondents to “select all that apply�
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Homebuyers experience challenges throughout the buying process.
Ninety-five percent (95%) of recent buyers had at least one challenge with their home purchase process. Contract negotiations topped the list of challenges, as four of 10 recent buyers said they were the most challenging part of the home buying process. One of every three buyers cites the loan application and closing as primary challenges in the process. These challenges can be managed by home buying professionals.
Home Buying Challenges (ranked highest to lowest) 1. Contract negotiation 2. Appraisal and inspections 3. Time commitment 4. Home repairs 5. Closing 6. Application process NextGen Homebuyer Report, Cultural Outreach, October 2020, n=513* *Top 6 answers from 1510 responses with 513 participants to “select all that apply�
2020 NextGen Homebuyer Report 17
Influence Who influences NextGen buyers during the buying process?
NextGen buyers primarily turn to online research to prepare for home buying. According to the survey, 97.5% of future buyers said they will turn to online resources to learn about the process. Compared to the 92% that plan to rely on Realtors, 81% informed by friends and family, and 79% turning to a financial advisor. They refrain from speaking with a professional until they can be better informed.
After the purchase, buyers say real estate professionals were the most influential source to learn about the home buying process.
Trust in professionals generally increased with age, with 36-38 were two times more likely to have real estate professionals influence decisions over 22-24 year olds. When compared to the future buyer reliance on online sources, it appears that reliable, creditable and informative Real Estate Professionals are more influential than buyers expect when beginning the process. Recent buyers downplayed their reliance on online sources and friends and family. Home buying is not taught in school. In fact, only 6% of recent buyers said school was influential in the process.
18 2020 NextGen Homebuyer Report
Communication What is the best way to communicate with NextGen buyers?
Facebook, YouTube, and Instagram are the most active social media platforms, with nine of every 10 checking Facebook weekly, and 7 of 10 respondents checking Instagram and YouTube weekly.
Respondents were three times more likely to be on Facebook than LinkedIn, and twice as likely to use Instagram over LinkedIn. Platform preference differed by gender. Women are 153% more likely to use Facebook and Pinterest. Men are more likely to use Twitter and YouTube.
What platforms do you use weekly? Facebook YouTube Instagram Twitter Pinterest LinkedIn NextGen Homebuyer Report, Cultural Outreach, October 2020, n=950
Buyers prefer phone calls and text communication over email.
In fact, phone calls are preferred 2-to-1 over email. This indicates a preference for simple and straightforward communication, rather than lengthy and complex emails. When dealing with concepts that are new and complex, buyers want the opportunity to discuss, rather than feel overwhelmed by a drawn out and verbose written communication. Among text and phone calls, preference was divided between women and men. Women preferred text, while men suggested a preference for phone calls.
Homeownership is not about cost-savings; it’s about pursuing a dream.
Respondents indicated the value was not the most effective motivator for purchasing. Only 1 in 5 respondents said their primary reason to buy a home was that it is cheaper than renting. The most common motivations are starting a family, independence, and wealth building.
2020 NextGen Homebuyer Report 19
Conclusion Millennials entered adulthood during or immediately following the financial crisis, leading to a distrust of banks, lenders and the housing market. With the onset of COVID-19, today’s financial challenges for NextGen are not new. In spite of the current situation, NextGen homebuyers and future buyers have shown adaptability and optimism regarding their financial situation and homeownership dreams.
20 2020 NextGen Homebuyer Report
The Gender Gap Characteristics of Women and Men Homebuyers
Across the varying respondent demographics of this survey, the most significant results were found between habits and attitudes of men and women highlighting disparities that exist across savings, investing, and childhood experience.
Women Homebuyers
Women approach the home buying process more carefully and cautiously with a “cost savings mindset.” They cited a number of challenges leading up to buying, primarily financial, like savings and finding the right location. They also fear being taken advantage of and not having a trusted advisor. However, after doing research and spending time preparing, women left the buying experience confident and satisfied citing few challenges during the process. Women are more likely to be stressed about finances, yet remain consistent and diligent in their savings and financial planning. Women are less likely to expect COVID-19 to stop their home search and are most likely to utilize features like virtual Open Houses and Zoom meetings.
Men Homebuyers
Men responded with an “investment” mindset. This mindset carried across current money habits, reasons to buy a home, and future savings. Men were over three times more likely to be investing than women. They are more likely to have a fully-funded emergency fund, invest in the stock market, have high yield savings accounts, and invest in retirement accounts. This mindset carries to their home buying perspective. Men are three times more likely to utilize their home as an income property like renting it out on Airbnb or finding roommates.
2020 NextGen Homebuyer Report 21
The Savings & Investment Gap
One of the key questions of this study was asking how NextGen financial past affects their financial future. Both the initial survey and the followup survey show that men are significantly more likely to grow up learning how to budget and make a financial plan. Learning about money management at an early age has a strong positive correlation with: • Having an emergency fund • Contributing to savings • Contributing to non-retirement investments • Contributing to retirement investments • Contributing to Health Savings Accounts (HSA) • Contributing to Educational Savings Accounts (ESA) • Contributing $500/month or more to savings and investments This pattern demonstrates a disparity between men and women from youth.
Did you grow up learning how to budget and make a financial plan? Men
75%
Women
60% NextGen Homebuyer Report, Cultural Outreach, October 2020, n=1450
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When asked about the biggest fear related to investing, half of all men and women say that their biggest fear related to investing is making a bad investment and losing money. However, women are significantly more likely to question their own skills and knowledge related to investing and not know where to get started. In fact, twice as many women say they do not know where to get started than men.
I contribute to... Male Non-Retirement Investing
Female
67% 39%
Savings
69% 53%
Retirement Investing
69% 57%
Health Savings Account
69% 42%
Educational Savings Account
61% 38% NextGen Homebuyer Report, Cultural Outreach, October 2020, n=1450
2020 NextGen Homebuyer Report 23
Percent Contributing above $500/month Male
Female
37%
Savings
24% 36%
Retirement Investing
20% 33%
Non-Retirement Investing
14% NextGen Homebuyer Report, Cultural Outreach, October 2020, n=500
The Single Woman Buyer Single women make up the second largest segment of homebuyers outnumbering single men 2:1. Significant differences exist for this buyer group with financial habits and effects of COVID-19 as compared to single men and all other future buyers.5
Financial
COVID-19
• Less likely to contribute to investment accounts than single men
As a result of COVID-19 single women are experiencing stress at
• Less likely to contribute to retirement accounts than single men
• Want to buy a home sooner
5
disproportionately higher levels, yet they..
• Want to live in a different location
National Association of Realtors, 2019 Profile of Home Buyers and Sellers, 2019
24 2020 NextGen Homebuyer Report
2020 NextGen Homebuyer Report 25
COVID-19 and the NextGen Homebuyer COVID-19 has increased financial stress for NextGen homebuyers, yet in April, 71% remained optimistic about purchasing a home. Six months after the start of the pandemic, in late September, 70% of NextGen buyers say that COVID-19 has had a positive effect or no effect on their plans to purchase a home in the next year.
However, homebuyer preferences have changed. NextGen buyers express an interest in more space, getting into a home
What effect has COVID-19 had on your plans to purchase a home?
sooner, living in a different location and living outside of a city. Only 13% of future buyers say that COVID-19 has not changed
28% Positive
their homeownership preferences.
41% No Effect
31% Negative
NextGen Homebuyer Report, Cultural Outreach, October 2020, n=500
Home Buying Challenges (ranked highest to lowest) 1. I want more space 2. I want to buy a home sooner 3. I want to take advantage of low interest rates 4. I want to live in a different location altogether 5. I want to live outside of a city NextGen Homebuyer Report, Cultural Outreach, October 2020, n=500* *Top 5 answers from 1056 responses with 500 participants to “select all that apply�
26 2020 NextGen Homebuyer Report
Work from Home Makes a Difference
NextGen with the flexibility of working from home were more likely to cite positive effects of COVID-19 with their homebuying goals. Seven of 10 respondents have flexibility to work from home. Those that work from home say: • COVID-19 has a positive effect on their homebuying plans (by 182%) • COVID-19 resulted in less stress on career, family and finances • COVID-19 made them want more space in the home they purchase
Characteristics of Work From Home Employees
78% of male respondents have work from home flexibility, compared to 58% of women
80% with an income of $100,000 or more can work from home
77% that have a 4 year degree or higher have work from home flexibility
Buyers that say COVID19 had an adverse effect on their homebuying plans, had the following characteristics: • Most likely to be female, 22-24, single or living with significant other (but not married) • 3.5 times more likely not to grow up learning how to make a financial plan • 5 times more likely to have more stress in their career • 2.5 times more likely to go into work, rather than the option to work from home • 3 times more likely to have no college degree
2020 NextGen Homebuyer Report 27
About Cultural Outreach Cultural Outreach is a multicultural marketing and training company that helps companies and professionals reach young and diverse markets. We use digital content and training to provide professionals with the tools they need to become a trusted resource in their communities. Our approach involves talking to hundreds of homeowners, homebuyers, and housing professionals to gain insight into Next Gen consumer preferences. We saw a gap in available research, which inspired this report to provide a deeper understanding of how NextGen looks for homes and make decisions. Cultural Outreach was founded by Kristin Messerli, a former social worker, who set out to bridge the gap between underserved homebuyers and financial institutions. We are a women-run business, serving companies of all sizes nationwide in housing and financial services. For more information, visit www.culturaloutreach.com.
About National Mortgage Insurance Corporation (National MI) National Mortgage Insurance Corporation (National MI) is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to a borrower’s default. We’ve established credibility in the industry by building a strong company with no legacy risk, and taking a competitive approach to both our products and practices. National MI is committed to delivering mortgage insurance solutions that are clear and concise, provide a shorter path to coverage certainty, and lead to fewer loan buybacks and rescissions. For more information on National MI, visit nationalmi.com.
28 2020 NextGen Homebuyer Report
Helping you reach today’s consumers For more information on research and content that connects with NextGen buyers and diverse markets, contact Cultural Outreach.
info@culturaloutreach.com
(918) 324-6271
@culturaloutreach
/culturaloutreach
The information contained in this Report has been provided by Cultural Outreach for general information purposes only and does not replace independent professional judgment. While every care has been taken to ensure that the content is useful and accurate, Cultural Outreach gives no guarantees, undertakings or warranties in this regard, and does not accept any legal liability or responsibility for the content or the accuracy of the information so provided, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. Any errors or omissions brought to the attention of Cultural Outreach will be corrected as soon as possible. The report cannot be published, copied, or disseminated without prior approval. Š 2020 Cultural Outreach. All Rights Reserved.
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A PPE N D I X A
NextGen Homebuyer Survey Respondent Demographics
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2020 NextGen Homebuyer Report 30
A PPE N D I X A
NextGen Homebuyer Survey Respondent Demographics In April 2020, Cultural Outreach collaborated with National MI to study NextGen homebuyers. The survey was completed by 950 NextGen buyers, ages 22-37, that purchased a home in the last 3 years or plan to purchase a home in the future. The survey respondent demographics are outlined below.
Home Status
Relationship Status
Ethnicity/Race
Recent Buyers:
54%
Single:
25%
African-American:
11%
Future Buyers:
46%
Married:
57%
Asian-American:
6%
Engaged:
5%
Hispanic/Latino:
8%
White American:
70%
Gender Female:
60%
Male: 40%
Age
Living with Significant Other: 10% Other:
Other or Multiracial: 5%
3%
Parental Status
Employment Status
22-24:
6%
No Children:
44%
Full Time:
82%
25-27:
13%
1 Child:
21%
Part Time:
15%
28-30: 21%
2 Children:
23%
Other:
3%
31-33:
22%
2+ Children:
12%
34-36:
30%
37:
8%
Region:
Household Income
Education
Respondents from all 50 states plus District of Columbia
$0-25k:
8%
No college:
5%
$25-50k:
22%
Some college:
16%
Midwest:
19%
$51-75k:
20%
2 year degree:
9%
NorthEast:
30%
$76-100k:
20%
4yr degree:
40%
South:
34%
$100-200k:
24%
Grad school:
12%
West:
17%
$200k+:
6%
Professional degree: 18%
2020 NextGen Homebuyer Report 31