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What Americans Will Sacrifice to Buy a Home

September 24, 2021

Most Americans want to own a home at some point in their life, and they say they’re willing to make sacrifices to achieve it. For some, that means forgoing alcohol or vacations for a year to save. But others say they’re willing to give up having kids in order to have their dream home. About 60% of recent survey respondents say they’d prefer their dream home over 40% who said they’d prefer kids first, according to a new survey from Cinch Home Services, a home warranty firm.

The youngest adults in the housing market—Gen Z—feel the strongest about one day becoming a homeowner. Nearly 84% recently surveyed say that owning a home is a major component of achieving the American dream, the survey says.

But homeownership is expensive and may require some sacrifice to save up. Cinch asked more than 1,000 respondents what they would be willing to give up to own a home. The 85% of respondents who are willing to make some sacrifices in order to own a home said alcohol or vacations would be their first choices. But some respondents are willing to give up their pet, seeing family, or their relationship for an entire year to save up to own.

Here’s what topped their list.

Chart, what people would give up to own a home

Cinch Home Services

Overall, Gen Z showed more willingness than other generations to give up pleasures over a year to become a homeowner. Here’s how sacrifices differed by age group.

What different generations would sacrifice to own a home

Cinch Home Services

Source: 
What Would You Do to Buy a Home?” Cinch Home Services (Aug. 19, 2021)