A House (Market) Divided May Not Be As Divided as You Think | Opinion

As the presidential election approaches, voices aimed at spreading division seem to be ever-present. Not far below the surface, however, is the clear hope for change. It’s palpable everywhere from the debate stage to the family dinner table.

On an individual scale, the vast majority of Americans face the same issues, regardless of party affiliation. One such uniting issue is the housing market and how buyers are feeling about it—although it may not be the sentiment you imagine.

Despite a challenging market, most home buyers report feeling positive about their dreams of becoming homeowners—citing emotions like joy, excitement, and hope at a higher rate than anxiety and uncertainty, according to a recent study by Century 21 Real Estate. These thoughts were prevalent even before the Federal Reserve dropped rates in mid-September.

It’s a sign of our resilience in the face of undeniable challenges. In just four years, the income required to comfortably afford a home increased by 80 percent, while median income only went up by 23 percent during that time. The average family is being pushed out of the housing market, leading many to adapt their vision of the American Dream now that the original vision feels out of reach.

The issue could be a major sticking point for voters in swing states and is part of both parties’ campaign platforms. As inflation, “shrinkflation,” and housing prices push people away from cities, home buyers are staying optimistic by prioritizing what brings them the most joy. And what they’re reporting about what offers them that joy may be just as surprising. It’s not a big backyard, a two-car garage or a bonus room—it’s community.

It’s a point most Americans seem to agree on. Eighty-eight percent of home buyers are willing to compromise on elements of their dream home to be in their dream community. Based on recent news, many may assume the consensus on the “perfect community” to be people with whom you share political beliefs, but that might not be true. In the same Century 21 study, 90 percent of respondents agreed that political affiliation is not a barrier they see to building community with those around them, and 92 percent want to be in a community that embraces diversity. It suggests that Americans are doing their best to focus on joy over what divides us.

Due to low housing affordability and availability for renters and buyers, many Americans are seeking this community beyond major metropolises like New York or Los Angeles, sacrificing the convenience and bustle of the city for a more affordable lifestyle and tight-knit community.

Optimism about finding community in the suburbs is understandable. Densely populated cities were ranked among the worst cities for first-time home buyers, with smaller cities and suburbs among the best. Gen-Z has already displayed a preference for suburbs over cities, despite trends from previous generations at their age. To find the right fit, home buyers and community-seekers have even started looking beyond the suburbs to small towns and the exurbs. Unlike the first rise of suburb popularity, many home buyers are not seeking the isolated life of 2.5 kids and a white picket fence.

It’s understandable that community has become a high priority for Americans following the pandemic, as a sense of disconnectedness that arose during that time persists. Despite this notion, consumers remain optimistic and are actively searching for solutions. The “American Dream” is no longer the vision of an isolated nuclear family—it’s community.

Part of this lack of connection may persist due to remote work, but before we write it off, it is vital that we consider the ways that remote work, and hybrid work, enable this new search for community.

Now that many workers are free of the pressure to be in-office, home buyers can look for their dream house, and dream community, in more places than ever before. Even hybrid workers may consider living further away from their city office—after all, a long commute for three days is much less daunting than a long commute for five days.

Now that the Federal Reserve has dropped rates, we could see the most affordable market in two years, according to Altos Research. A new day is dawning, and Americans are ready for it.

While political tensions still undeniably exist, perhaps Americans are not as divided as our newsfeeds may imply. Americans are united in the issues we face, and while we differ in opinion on how to address them, it seems we may be willing to put some differences aside for what we really want.

One desire that unites us? Americans are seeking more than a house—they are seeking a home and the sense of joy that comes with it. Through that search, many are sacrificing their dream home to find a community that fits them—regardless of political affiliation. After all, home is where the heart is and the heart longs for community.

Mike Miedler is CEO of Century 21 Real Estate.

The views expressed in this article are the writer’s own.