Four in Five Americans Believe Owning a Home Is an Essential Life Milestone, yet Myths Persist About Affordability and Buying Process
03 Junho 2024 - 9:00AM
Business Wire
KB Home commemorates National Homeownership Month by
revealing new survey results and supporting the next generation of
homebuyers with resources and education.
In honor of National Homeownership Month, KB Home (NYSE: KBH),
one of the largest and most trusted homebuilders in the U.S., today
revealed the results of a new survey fielded by The Harris Poll to
better understand homeownership perceptions and homebuying trends.
The survey confirmed that 4 in 5 American adults believe owning a
home is an essential milestone in life, but the findings also
revealed that many are discouraged and lack an understanding about
the homebuying process.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240603811103/en/
(Graphic: Business Wire)
National Homeownership Month is a month-long event recognized by
the federal government and dedicated to the power of owning a home,
planting roots in a community, building equity and passing down
generational wealth. KB Home is celebrating the month with
in-market events and virtual content to educate and support future
homebuyers. The company will be hosting over 25 special Homebuying
101 events across the country. The KB team will cover a range of
topics, including the benefits of owning versus renting, the
advantages of new construction versus used homes, and the
homebuying process. The team will also discuss financing a new
home, from determining how much a buyer can afford to finding the
best and most suitable mortgage program for a buyer’s unique needs.
Additionally, the company will be providing answers to frequently
asked questions about homeownership across all of its social
channels.
“For nearly seven decades, KB Home has been focused on helping
first-time homebuyers achieve their lifelong dream of buying a home
by building affordably priced homes and partnering with buyers
every step of the way,” said Rob McGibney, President and Chief
Operating Officer of KB Home. “In honor of National Homeownership
Month, we are building on this legacy by supporting the next
generation of buyers with in-person and online resources and
education.”
The survey asked Americans — from Gen Zers to baby boomers —
about the importance of homeownership, what factors drive
homebuying decisions, and their knowledge of the homebuying
process. The findings validated long-standing perceptions and
revealed some surprising insights:
Americans Still Want to Own a Home and Think About Homebuying
Often
- Top of Mind: In addition to 4 in 5 Americans (83%) believing
that homeownership is an essential life milestone, 40% think about
buying a home at least once a week, especially Gen Zers (62%) and
Millennials (55%).
- Making It Work: About 6 in 10 people (58%) would spend less on
nonessentials to save for a down payment for a home, and more than
2 in 5 (45%) would consider taking on a gig job or side
hustle.
- Reasons to Own: U.S. adults cite privacy (49%), long-term
financial benefits (44%) and a place to make memories (33%) as the
most important reasons to own a home.
- Good Vibes: More than half of Americans (51%) associate
homebuying with being excited. Many also associate homebuying with
feeling proud (43%), motivated (32%) and confident (30%).
Buying a Home Is Exciting, But People Are Nervous
- Lacking Confidence: Over half of Americans (56%) feel that they
are in a worse position to buy a home than prior generations.
- The Great Unknown: 1 in 4 associate homebuying with being
stressed or nervous.
- Nerve Drivers: When it comes to what aspect of homebuying makes
people nervous, 85% are at least somewhat nervous about purchasing
a “money pit,” and around 3 in 4 are at least somewhat nervous
about being able to afford a home, finding the right home or
finding the right partner to help them buy one.
Long-standing Myths and Knowledge Gaps About Homebuying
Persist
- The Basics: A majority of Americans have a poor understanding
of many aspects of homebuying. Only around half correctly
identified the meaning of terms such as “APR” (56%) or “PMI” (54%);
of this group, Gen Zers and Millennials are less likely to be
familiar.
- Financial Knowledge: Only about 1 in 3 people know key facts
about financing a home, including that a minimum down payment of
20% is not required (36%) or that one can qualify for a mortgage
with a credit score in the 500s (28%).
- Myth Buster: More than half (54%) believe — incorrectly — that
mortgage rates are at an all-time high, and 1 in 6 aren’t sure at
all whether they are at the highest. In fact, the highest rates on
record were in 1981, when the 30-year fixed rate peaked at 18.6%,
much higher than today.
To learn more about how KB Home is supporting homebuyers during
National Homeownership Month and beyond and to find a nearby
Homebuying 101 event, visit kbhome.com/nationalhomeownershipmonth.
Also, follow along @KBHome across social channels for answers to
frequently asked questions about homeownership during the month of
June.
About KB Home
KB Home is one of the largest and most trusted homebuilders in
the United States. We operate in 47 markets, have built over
680,000 quality homes in our more than 65-year history, and are
honored to be the #1 customer-ranked national homebuilder based on
third-party buyer surveys. What sets KB Home apart is building
strong, personal relationships with every customer and creating an
exceptional experience that offers our homebuyers the ability to
personalize their home based on what they value at a price they can
afford. As the industry leader in sustainability, KB Home has
achieved one of the highest residential energy-efficiency ratings
and delivered more ENERGY STAR® certified homes than any other
builder, helping to lower the total cost of homeownership. For more
information, visit kbhome.com.
About the Survey
The survey was conducted online within the U.S. between April 25
and 29, 2024 among 2,058 adults (aged 18 and over) by The Harris
Poll on behalf of KB Home via its Harris On Demand omnibus product.
Data were weighted where necessary by age, gender, race/ethnicity,
region, education, marital status, household size, household
income, employment and political party affiliation to bring them in
line with their actual proportions in the population.
Respondents for this survey were selected from among those who
have agreed to participate in The Harris Poll surveys. The sampling
precision of Harris online polls is measured by using a Bayesian
credible interval. For this study, the sample data is accurate to
within +/- 2.5 percentage points using a 95% confidence level. This
credible interval will be wider among subsets of the surveyed
population of interest. All sample surveys and polls, whether or
not they use probability sampling, are subject to other multiple
sources of error, which are most often not possible to quantify or
estimate, including, but not limited to, coverage error, error
associated with nonresponse, error associated with question wording
and response options, and post-survey weighting and
adjustments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240603811103/en/
Greta Diers 920-226-1312 kbhomepr@mww.com
KB Home (NYSE:KBH)
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