Social media’s influence on homeownership

Social media is encouraging some would-be homebuyers to take the plunge, according to a recent survey.

One quarter of millennial first-time homebuyers and 21 percent of all first-time homebuyers said they suffer from FOMO, also known as ‘fear of missing out’ because they don’t own a home when they see others post about their homes on social media. One-third of millennial first-time homebuyers and 27 percent of all first-time homebuyers said they feel if their friends can own a home, why can’t they? Another 24 percent of millennial first-time homebuyers and 18 percent of all first-time buyers think it’s time to grow up and buy when they see a social media posting of a friend’s home. Additionally, 23 percent of millennial first-time homebuyers and 16 percent of all first-time homebuyers reported feeling jealous of their friends’ homes when they see photos of them on social media.

First-time buyers are more likely to share that they purchased a home via their social media channels. Fifty-three percent of millennial first-time homebuyers and 43 percent of all first-time buyers said they would post about their new purchase. Compared to other life events, homeownership is one of the top experiences they would share.

Only 52 percent of millennial first-time homebuyers and 39 percent of all first-time buyers would post about the birth of their baby, and only 45 percent of millennial first-time homebuyers and 38 percent of all first-time buyers would post about their new job. Car purchases would only make the Instagram post for 34 percent of millennial first-time homebuyers and 28 percent of all first-time buyers.

However, vacation tops all, with 68 percent of millennial first-time homebuyers and 57 percent of all first-time buyers sharing it on social media, followed by an engagement or wedding at 62 and 48 percent, respectively and a new pet would be worthy of a share to 56 percent of millennial first-time homebuyers and 46 percent of all first-time buyers.