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Rush to market: 78% of survey participants say they’ll buy a home before 2028

Opendoor’s Financial Wellness study found that 78% of respondents plan to buy a home in the next five years. But the reasoning behind this rush to market varies.

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Jena Greene

9/26/2022 · 2 min read

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Survey: less than 50% of respondents view themselves as ‘financially secure’

Jena Greene

Key Points

  • 78% of respondents tell Opendoor they plan to buy a home by 2028. 

  • 53% of respondents say they plan to buy a home in the next 2 years. 

  • 37% of respondents say they believe becoming a homeowner will improve their quality of life.

If it seems like houses have been flying off the market at a record pace, you may not be far off. 

2021 marked a season of record home buying, but with sales down over 20% year over year, some experts are forecasting a slowdown in home sales. Opendoor’s first-ever Financial Wellness Study spoke with prospective homeowners to understand how they’re thinking about the market.  

How many people want to buy homes?

78% of respondents told Opendoor they plan on buying a home in the next 5 years, which may be a healthy time horizon for people to save and patiently wait for market gyrations to stabilize. 

A full 53% of respondents said they plan on buying a home in the next 2 years. 

Why do people want to buy homes?

But if interest rates stay up, which can make new mortgages more expensive, what’s the rush to buy a home? 

Opendoor found the most common reason prospective buyers want to own a home is because they view it as an investment. 37% of respondents say they believe becoming a homeowner will improve their quality of life. 

Interestingly, home ownership might also have a small influence on the dating pool, too. Of the people surveyed, 41% of respondents said homeownership makes a potential partner more attractive. 

We can’t help you find a partner. But we can help you buy your dream home. Compete in a hot market and lock in the perfect home with an offer backed by our cash

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

JG

Jena GreeneAuthor

Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.

JG

Jena GreeneEditor

Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.