Survey Shows Couples Might Want to Consider More Than Just Beauty and Location When Making a Home Purchase
SAN FRANCISCO — September 22, 2021 – LendingHome, which recently announced its intention to rebrand as Kiavi later this year and one of the nation’s largest lenders to real estate investors, today announced the results of a new survey it commissioned that examined love and homebuying. Specifically, the survey focused on whether American couples thought it was a good idea to purchase a home together and the points on which they disagreed the most.
Among the key findings, the survey showed 79% of those in a relationship responded that purchasing a house with their partners is very important. The response is revealing now because millennials are in their prime homebuying years, and more than half of those aged 25 to 44 live with their significant other. The 2008 recession had broad impacts on Millennials, but for a few years now they have begun to settle into the traditional milestones of adulthood, including home ownership.
Love is not the only consideration
To put the data into perspective, 60% of respondents live with their partner or significant other, and 64% of those have purchased a home together. While many couples may want to buy a home together, LendingHome’s data shows they should be wary of four things that the survey showed couples disagree on most.
Though a majority agreed with their partner on the home they purchased, 4% did not. Here were the top four things they disagreed on the most:
- The price (53%)
- The location (29%)
- The size or style of the home (18%)
- The condition (29% said that their partner wanted a new home while they wanted a fixer-upper)
Gender makes a difference
According to the men in the survey, the #1 thing they and their partner disagreed on was the condition of the home, with 60% saying they wanted a fixer-upper and the partner wanted a new home. For women in the survey, 60% said the #1 point of disagreement was the price.
“Choosing, buying and settling into a shared home is a significant step for any couple,” said LendingHome CEO Michael Bourque. “If you and your partner are progressing toward this milestone, it’s important to take some time to consider more than just your aesthetic preferences and favorite neighborhoods. Your credit scores and histories will also play a role in your home buying journey.”
Homebuying seems to be a natural outflow from love, according to the survey. About 79% of those in the survey and in a relationship said that purchasing a home with their partners is very important. That is probably why 91% said they worked on a home buying budget with their partners. According to the survey, 32% of respondents said they spent as much as two years saving to buy the house.
Propeller Insights, a market research firm, surveyed 1,004 respondents over a 10-day period and met a 95% confidence level, or a 5% margin of error.
LendingHome is now one of the nation’s top lenders for real estate investors with more than $7.8 billion in loans originated to date. Established in 2013, LendingHome makes it easy for professional and first-time real estate investors to quickly and reliably receive the financing they need for their projects and businesses to thrive. Using a powerful combination of innovative technology and expert advice, LendingHome has added flexibility and simplicity to every step of the borrowing process. For further information, please visit lendinghome.com. NMLS ID #1125207