May 2, 2017 – (STLRealEstate.News) The Bank of America biannual report on the state of things in St. Louis today took a look at what spurs St. Louisans to buy homes, and how it compares to other metropolises. More so than any other kind of market in the game today, St. Louisans buy homes for their families. Close to 51% of St. Louisans buy homes for family reasons, such as marriage and children, as opposed to investment reasons or other kinds that are driving factors behind Los Angeles and New York City real estate. Compared to ten other national markets, these people cited family reasons for only 35% of why they’re buying homes.
Even more staggering, 59 percent of home-buyers in St. Louis associate home ownership with family, higher than any of the other markets. If you think buying a home for family reasons is a generally normal justification for going into the real estate market, we’ll explain how St. Louis greatly differs from other American cities of its size.
Other findings released in the report specific to St. Louis include that almost half of prospective buyers say saving a home is a major priority, 46% say they will buy their first home within the next two years, 58% have started to plan for a down payment, and those who have bough homes say that its important to start saving early for all first-time homebuyers.
To gather these findings, GfK Public Communications and Social Science conducted the survey online. They surveyed 4,906 adults, including 1,268 current homeowners and 435 prospective homeowners. Responders were allowed to choose more than one answer for many of the questions, helping the firm to compile crosscurrent information on multi-layered topics. Additionally, 300 adults were surveyed in the 10 comparison markets: Boston, Charlotte, Chicago, Dallas, Denver, Houston, Phoenix, Miami, and New York.