When it comes to buying a home, many people dream of finding the perfect house: a place that checks off every box on their wishlist. But a new study from Century 21 Real Estate reveals that for today’s homebuyers, the most important feature isn’t inside the house—it’s the community surrounding it.
According to the Century 21 2024 Homebuyer Report, community and connection have become central to the decision-making process for recent and intending homebuyers. With an overwhelming 88% of buyers willing to compromise on their dream home to live in the right community, it’s clear that where people live is just as important as what they live in. In this blog, we’ll dive into key insights from the report and explore why community is now at the heart of the homebuying process.
Community Over Perfection: The New Homebuyer Mindset
We’ve all heard the phrase “location, location, location” in real estate, but the latest findings show that today’s homebuyers are redefining what makes a location desirable. For many, it’s no longer just about proximity to work or having a bigger backyard—it’s about finding a place where they feel they belong.
Homebuyers are now more likely to prioritize being part of a community that meets their social and lifestyle needs. Whether it’s the opportunity for their children to thrive, being closer to friends and family, or having access to cultural and recreational amenities, buyers are thinking holistically about their quality of life.
Consider this: 88% of homebuyers are willing to give up some features of their dream home to be in a community that’s a perfect fit for their household. This trend is particularly strong among families with children, where 92% of buyers are open to compromises in favor of a community that fosters growth and connection.
Connection and Joy: The Emotional Side of Homebuying
The emotional aspect of homebuying cannot be overlooked. Buying a home is not just a financial decision—it’s a life-changing experience filled with excitement, joy, and sometimes a little anxiety. According to the report, 65% of recent homebuyers say they feel a stronger connection to their community after moving.
This statistic highlights the power of community in creating a sense of belonging and stability. When people feel connected to their neighbors, local businesses, and community activities, they experience more joy and satisfaction in their daily lives. It’s no wonder that homebuyers are placing a premium on finding the right community over material aspects of their home.
The Loneliness Epidemic and the Need for Connection
In recent years, a spotlight has been placed on the importance of social connections for mental and emotional well-being. In 2023, the U.S. Surgeon General even referred to America’s rising sense of loneliness as an epidemic, with 1 in 2 adults experiencing social disconnection. This phenomenon has impacted many areas of life, including the way people choose where to live.
For homebuyers, the desire to escape isolation and forge meaningful connections has never been more urgent. The Century 21 Homebuyer Report shows that one-third of all recent buyers plan to get involved in their communities through civic engagement or entrepreneurship. Whether through volunteering, participating in local politics, or starting a business, today’s homebuyers want to make a difference where they live.
This desire for connection is particularly strong among Millennials and Gen Z, who are leading the charge in building vibrant, inclusive communities. Younger generations are more likely to choose neighborhoods where they can be active participants in shaping the future, creating a dynamic and engaged atmosphere.
What Drives the Move? Lifestyle, Family, and Friends
While economic factors like cost of living and job opportunities still play a role in where people choose to move, the top reasons homebuyers give for moving are more personal. 50% of recent or intending homebuyers said they were motivated by the need for more space, but just behind that were lifestyle considerations and being closer to loved ones.
For 34% of homebuyers, the desire to live near family was a key motivator. And for 26%, the move was about being closer to friends. Interestingly, men are more likely than women to want to move closer to their existing community of friends and family. This shift reflects how homebuyers are thinking beyond their immediate household and considering how their surroundings affect their social life and overall happiness.
Whether it’s about creating memories with loved ones or being part of a close-knit neighborhood, homebuyers are prioritizing communities where they feel supported and connected.
The Role of Real Estate Agents as Community Stewards
In this new landscape, real estate agents are more than just transaction facilitators—they’re community stewards. Today’s homebuyers want agents who know the ins and outs of the neighborhoods they’re considering, from the best schools to the upcoming development plans.
In fact, 95% of recent homebuyers say it’s important for their agent to support them not just in the buying process, but in understanding how a community will grow in the future. For Gen Z buyers, this connection is even more crucial, with 45% saying they found their agent through a local community connection.
By staying involved and informed about the communities they serve, agents can offer invaluable insights that go beyond square footage and home prices. They can help buyers envision their future in a neighborhood—whether it’s a place where their kids can grow up, where they can launch a new business, or where they can make lifelong friends.
Conclusion: Building Stronger Communities One Home at a Time
The 2024 Century 21 Homebuyer Report shines a light on how homebuyers are shifting their focus from individual property features to the broader experience of community living. In today’s market, a dream home is more than just a beautiful house—it’s a place in a community where people feel they belong.
As homebuyers continue to prioritize connection, lifestyle, and social engagement, real estate agents have an incredible opportunity to guide their clients toward neighborhoods that will enrich their lives. The role of the agent is evolving into that of a community expert, helping homebuyers not just find a house but a home where they can thrive.
If you’re interested in diving deeper into the findings, be sure to download the full 2024 Century 21 Homebuyer Report.
