Just how important is a neighborhood’s “vibe” to prospective buyers? Nearly nine in 10 say the look and feel of a neighborhood is a top consideration when choosing where to live, according to an independent survey of more than 2,000 consumers conducted by Ally Home.
The majority of survey respondents say they prefer a “quiet and quaint” neighborhood vibe rather than a “modern millennial” vibe. More than one-third say they want a neighborhood similar to the bucolic one depicted in the hit NBC show “This Is Us.” That is, they seek a neighborhood with curb appeal, friendly neighbors, and one that’s safe enough not to have to lock the doors.
However, millennial buyers are adding new dimensions to neighborhood vibe. About 28 percent of survey respondents say they identify with more of a “modern millennial” vibe. They prefer a neighborhood that’s walkable and near reasonably priced bars, restaurants, and coffee shops.
Twenty-five percent of respondents say ample outdoor space is important, and they value being near organic farms, farmers’ markets, and hiking trails. Twenty-one percent prefer a more “family centric” neighborhood, where families live in close proximity to one another and are near schools and playgrounds.
The least important neighborhood characteristics, according to the survey, are cultural attractions (15 percent); a tech-friendly neighborhood with good cell phone coverage and electric vehicle chargers (12 percent); and an upscale urban setting (9 percent).
Four in five U.S. adults surveyed say their neighborhood has to fit their personality. Nearly three-quarters say they’d be willing to settle for a smaller house or pay a little more for a house in their perfect neighborhood.
“Our survey reminds us that where you live remains just as important a consideration as the house you live in,” says Diane Morais, president of consumer and 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. 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 has guaranteed strong cell phone coverage—it can help them target which neighborhoods would be the best fit for them and put them in a stronger position to find that perfect home.”
Source: Ally Financial Inc.
