First-Time Homeowners Avoiding Starter Homes, Redefining American Dream

A new study by Renuity surveyed 1,000 first-time homebuyers and found that the reality of the traditional starter home is moving toward extinction, with the face of first-time home buying forever changed. The research also indicated that first-time home buying now comes with: higher associated costs with repairs, compromises, and the need for family wealth to enter homeownership.  Key Findings About 50% of first-time homebuyers say they skipped a traditional starter home 85% found starter homes overpriced, scarce, and already snapped up by investors, indicating that the entry market is squeezed 22% used inherited funds toward the purchase; almost 34% funded the home with no outside help, showing that having family money aids in the homebuying process Most buyers stayed near budget by compromising, with around 50% hitting their budget target, often by choosing older or smaller homes 53% say renovation/repair costs were higher than expected Social media now plays a role in the homebuying process, with 82% of Gen Z buyers reported that social media and creators influenced how they approached buying or what they bought Our survey found that homebuying is still within the American Dream, but the rationale of how it looks has changed. Buying a “starter home,” starting a family, and saving up for an even bigger home, is no longer the reality for most first-time homebuyers. In fact, only 18% of Gen Z buyers and 17% of millennial buyers reported buying a home because they were “planning for a family or future with a partner.”  There’s so many great stats within this survey, I’d really love to work with you to share a story with your audience that shows how the face of homebuying is changing in the US. Happy to answer any questions you may have. Either way, thanks for your time!