Contrary to previous homebuying beliefs, choosing where to live is more than simply choosing the perfect location. According to a recent Ally Home survey, 88 percent of Americans said that the vibe of a neighborhood is a very important component during the homebuying process.
Besides choosing a neighborhood with a complimentary vibe, finding a spot that fits their personality was found to be crucial for 80 percent of people. Neighborhoods also play a large part in why people are choosing to look for a new home. More than four in five (82 percent) said that if they did not like the neighborhood they were currently living in, they would strongly consider moving.
The desire for a neighborhood with a suitable vibe is so prevalent among home buyers today that 73 percent of people said they would even settle for a smaller house just to be in the neighborhood that they believe reflects their personality.
“Our survey reminds us that where you live remains just as important a consideration as the house you live in,” said Diane Morais, president of Consumer & Commercial Banking Products at Ally Bank. “The homebuying process can feel overwhelming at times, and it can be easy to lose sight of the important factors.”
The most desired vibes among homebuyers today are either a “Quaint and Quiet” one or a “Modern Millennial” feel. Americans surveyed suggested that they picture their ideal neighborhood as one with curb appeal, lots of friendly people and a lesser concern to lock the doors.
A “Modern Millennial” vibe was also found to be sought after among 28 percent of home buyers today. A walkable neighborhood with reasonably priced bars, restaurants and coffee shops nearby is what most people are looking for. Ample outdoor space is also important to a quarter of Americans, specifically those who value being close to organic farms, farmer’s markets and hiking trails.
A less important yet still relevant component of a desirable neighborhood is an area with cultural attractions, according to the survey. A tech-friendly town, as suggested by 12 percent of Americans, was found to be a deciding factor as well. An upscale urban setting was the least important component among Americans surveyed with only 9 percent of home buyers saying they desired it.
“If consumers think ahead of time about the characteristics that make up their ideal neighborhood – whether it’s an area with a close-knit community, a place that’s walkable to stores or restaurants, or even a neighborhood that is guaranteed strong cell phone coverage, it can help target which neighborhoods would be the best fit for them and put them in a stronger position to find a home,” Morais said.