44.9k views
4 votes
What consumer goal that impacts the real estate industry has changed as a result of the Great Recession?

1) Preference for homeownership
2) Preference for rental housing
3) Low expectation for property appreciation
4) Expectation that their lives will be better than previous generation

User Rnn
by
7.1k points

1 Answer

3 votes

Final answer:

The correct answer is option 1. The Great Recession led to a change in consumer goals within the real estate industry, particularly a decreased preference for homeownership, making Option 1 correct.

Step-by-step explanation:

The question inquires about a consumer goal relating to the real estate industry that has changed due to the Great Recession. Among the options provided, it is apparent that the Great Recession had a significant impact on the preference for homeownership. The economic struggles that ensued during this period, including job losses and the inability of many to repay home loans, made the dream of owning a home less accessible and less appealing for many.

Housing prices, which generally reflect personal wealth, plummeted, leading to a shift in consumer goals. As a consequence, Option 1, the preference for homeownership, decreased, making it the correct choice. This shift was also seen in an increased preference for rental housing as consumer confidence waned and the financial capability to purchase property diminished.

User Tylor
by
7.6k points