Home buyers are showing more interest in being a part of a friendly, or neighborly community, a new survey has found. They’re looking for homes where their neighbors are more likely to share similar interests and where people are generally more active in the community, the survey found.
The takeaways came from Bank of America’s 2021 Homebuyer Insights Report, which is based on the views of 2,000 U.S. adults who either own a home already, or plan to do so in the near future.
AJ Barkley, A senior vice president of Neighborhood Lending and Retail Sales East Executive of Consumer Lending at Bank of America, said the COVID-19 pandemic has given people lots of time to reassess their priorities and goals and how that fits with their surroundings and living space.
“We know homeownership remains as important as ever, especially for younger generations looking for that sense of community,” Barkley said.
One of the interesting findings of the survey is that current homeowners are much more likely to say they like their neighbors than those who don’t currently own a home. Some 44% of homeowners said they like their neighbors, compared to just 32% of non-homeowners. Homeowners also stated that the feeling of safety in their community is also important.
The pandemic has also led to a desire for more living space. Almost half of survey respondents, 48%, said the importance of square footage has increased for them. And even more people – 60% - said that outdoor space has become a more important concern for them too.
Potential home buyers are also looking more at how a property they’re interested in buying might be used. For instance, 45% of respondents aged between 18 and 43-years old said they now use their home as an office, while another 31% use it as a school. Twenty-eight percent said they now see their home as a movie theater, while 27% use it as a gym.
Younger buyers also want more technology in their homes. For example, 51% of people in that age group see Wi-Fi enabled security systems as a necessity, 42% desire solar energy products, and 44% want smart appliances.