In April 2023, Global X Research surveyed 1,079 individuals in the United States regarding their priorities and views on the housing sector and how digitization plays a role in it. Topics ranged from thoughts on real estate market prices and its implications for younger generations, to importance of technological supplements throughout the process of buy/renting a home and views on short-term rentals.
- Nearly 90% of respondents believe that average U.S. home prices increased at least 10% between 2019-2022.
- Around 50% of respondents believe they increased more than 30% between 2019-2022.
- Over 60% of surveyed individuals believe young consumers will absolutely have to rent longer due to high housing prices.
- Although 32% of homeowners/renters still opt for real estate agents, 28% look to the internet/apps.
- The next most popular streams are other methods (14%) and word-of-mouth (13%).
- For three-fifths of survey respondents, technologically equipped homes are at least somewhat important.
- Nearly half of respondents believe technology could replace agents in buying and selling properties.
- Of those who responded yes, 16% said it will take place in the near future and 32% said it will happen eventually.
- About one-fifth of respondents would be comfortable with buying/renting a home completely digitally. Over one-fourth of respondents would consider it.
- 59% of homeowners/renters rank security-related property technology solutions as top priority, followed by 13% selecting increased energy efficiency.
- Over one-third of surveyed individuals rented a short-term vacation property in the last 24 months.
- Respondents are not opiniated on whether they stay in a hotel or short-term rental, but marginally prefer hotels.
- The primary reason consumers would choose a short-term rental property over hotels is pricing (62%), followed by flexibility with amenities (44%) and accommodations for larger groups (40%).
Click here to download the Global X ETFs April 2023 Consumer Pulse Survey: The State of PropTech Adoption.