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January 2024 » thefivestar.com 57 January 2024 J O U R N A L dynamics and migration trends are closely correlated, according to Bank of America Institute. Internal Bank of America data found that of the 26 Metropolitan Statisti- cal Areas (MSAs) tracked, Boston and Portland, Oregon, are more likely to see inward migration due to job chang- es and cities such as Austin, San Antonio, Las Vegas, and Tampa saw the biggest population inflow during Q3. Willing to Sacrifice With inventory scarce, the Homebuyer Insights Re- port also explored how prospective buyers are adapting. The report found those surveyed would give up specific home features to increase their chances of finding a home in the year ahead. Notably, there are some differ- ences in what older and younger generations are willing to sacrifice to buy a home. Gen Z (15%) are less likely to give up space than baby boomers (40%). However, Gen Z (24%) would sooner compromise on location, including proximity to work, schools, and amenities than baby boomers (6%). Across all generations, would-be buyers are most likely to give up the following if it increases the chances of finding a home to purchase: » A brand-new home (35%) » Being near family (33%) » Public transportation access (32%) » Historical charm (31%) Homeownership Lays the Foundation for Financial Success This survey asked participants if they viewed homeownership as a top indicator of success. Here's how homeownership stacked up against other key markers of success in life: » Being healthy physically and mentally (71%) » Personal growth and development (65%) » Having strong relationships and connections with friends and family (63%) » Having a good work-life balance (58%) » Homeownership (48%) » Career fulfillment (46%) » Building a family (46%) » Reaching a certain amount of money in savings/invest- ments (43%) » Contributing/supporting causes that are important to a person (35%) However, homeownership tops the list of how respondents define financial success (53%), according to those surveyed. Also important: saving enough money for an emergency fund (50%), paying down debt (45%), and being able to retire early (43%).