WASHINGTON—A new study examines some of the new ways consumers are using their homes since the pandemic, and what those changes mean for how they value their homes.
A recent Fannie Mae National Housing Survey special topic analysis shares how the implicit value of a home has evolved for consumers, and how their changing needs and preferences might impact future homebuying decisions.
Key findings:
- Almost half of consumers say their home has become more important to them over the past few years, compared to just 10% who say their home has become less important to them. This shift is driven primarily by consumers’ appreciation for the location of their home and the sense of security it offers.
- More than half of consumers say they have made functional changes to how they use their home in the last few years. These changes include using the home as a gym or for hobbies, growing food or gardening, and working from home.
- Although more consumers still say the security and lifestyle benefits outweigh the financial benefits as the best reason to buy a home, this gap has closed significantly since we last asked the question in 2015.