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Redfin Survey: One in Five House Hunters Is Willing to Compromise Personal Safety to Afford a Home

Personal safety is the number-one must-have on homebuyers鈥� checklists, though 22% say they鈥檙e willing to compromise on it for affordability

SEATTLE--(BUSINESS WIRE)-- Roughly one in five (22%) homebuyers are willing to compromise personal safety to afford a home, according to a new , commissioned by , the real estate brokerage powered by Rocket.

Still, personal safety is the top non-negotiable for homebuyers, with 78% calling it a 鈥渕ust-have.鈥� It鈥檚 followed by two other safety-related location features: a low rate of crime, which 74% consider a must-have, and a low risk of natural disaster, which 68% have on their list of non-negotiables. Next is access to grocery stores, which two-thirds of homebuyers are unwilling to compromise on.

Redfin asked prospective homebuyers about non-negotiables versus negotiables because it鈥檚 difficult to afford a home in today鈥檚 housing market. The median U.S. home-sale price has increased more than 40% since before the pandemic, and mortgage rates are roughly double pre-pandemic and early-pandemic days. A recent Redfin analysis found that homebuyers must earn $112,000 to afford the median-priced U.S. home, roughly $25,000 more than the typical U.S. household earns. While affordability has started improving in some major metros, buying a home is still a reach for many Americans.

鈥淧rices are starting to come down, but buyers鈥攅specially first-timers鈥攁re still battling with affordability,鈥� said , a Redfin agent in Phoenix. 鈥淏uyers want a home that fits their practical needs: They鈥檙e looking for a bedroom for every kid, space to work from home or an easy commute, things like that. Some more luxurious features, like a fully finished backyard with a pool or a recently renovated kitchen, aren鈥檛 as valuable to buyers as they used to be. People might want those things, but they aren鈥檛 willing to鈥攐r can鈥檛鈥攑ay more for them.鈥�

It鈥檚 worth noting that in many parts of the country, the housing market has shifted firmly in buyers鈥� favor. Buyers may be able to negotiate down the sale price, or get concessions like a mortgage-rate buydown or closing costs, from a seller that could help them afford some nice-to-have features in addition to must-have features. 鈥淪ellers know it鈥檚 taking longer to sell and that they can鈥檛 expect multiple offers like they would have gotten a few years ago,鈥� Shook said. 鈥淭oday, the definition of a win is selling. So for buyers who see a home they really want, it鈥檚 worth a try to negotiate with the seller.鈥�

For House Hunters With Kids, Highly Rated Schools Are Important鈥�But Not As Important As Space

With the school year coming up, Redfin also looked at survey respondents with kids, and whether they鈥檙e willing to compromise on living near highly rated schools.

Two in five (41%) of the respondents with children living at home say they鈥檙e willing to compromise on highly rated schools to afford a house, while 59% consider highly rated schools a must-have.

All in all, highly rated schools fall smack in the middle in terms of must-haves for people with kids. Survey respondents with children living at home were more likely to rate features of the home itself鈥攊ncluding the number of bedrooms, indoor space and outdoor space鈥攁s must-haves than highly rated schools. They were less likely to say commute time, proximity to restaurants, and several neighborhood characteristics are must-haves.

To view the full report, including charts and a more detailed methodology, please visit:

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin鈥檚 clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at . For more information about Rocket Companies, visit .

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Contact Redfin

Redfin Journalist Services:

Kenneth Applewhaite

[email protected]

Source: Redfin