realestate

Many Americans Prioritize Housing Affordability Over Personal Security

U.S. homebuyers willing to sacrifice safety for affordability, Redfin survey finds.

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significant number of US homebuyers are willing to sacrifice personal safety in order to afford a home, according to a recent Redfin survey. While 22% of respondents said they'd compromise on safety, the majority still prioritize it as essential, along with low crime rates and reduced exposure to natural disasters.

    The findings highlight the intense pressure buyers face due to elevated prices and borrowing costs. The median US home price has surged over 40% since before the pandemic, while mortgage rates have roughly doubled from their lows. As a result, Redfin estimates that buyers now need to earn around $112,000 annually to afford a median-priced home.

    Buyers are increasingly prioritizing practical needs like space and commute times over luxury features. "Prices are starting to come down, but buyers are still battling with affordability," said Katie Shook, a Redfin Premier agent in Phoenix. "People are focusing on must-haves like enough bedrooms and workspace."

    For families with children, access to highly rated schools is a top priority, but even parents would compromise on education quality for an affordable home. Instead, they prioritize space, indoor living areas, and outdoor spaces over commute times and neighborhood amenities.

    The survey underscores the impact of affordability constraints on the US housing market, forcing buyers to balance essential needs against financial realities in one of the most expensive eras for American homeownership.

Americans prioritize housing affordability over personal security in uncertain economic climate nationwide.