Millennial Home Buyers' Want Larger Homes, Survey Shows
As the home building industry celebrates New Homes Month in April, new research shows that new buyers have an increased desire for bigger homes and more outdoor amenities which are driving new home designs.
Home builders reported a rise in the average size of a new home to 2,524 square feet, and the percentage of new homes with 4 or more bedrooms and 3 or more full bathrooms to 46% and 34%, respectively.
“Home buyer preferences have continued to reverse trends in new home designs and builders are working to respond to new interests in the wake of COVID-19,” said National Association of Home Builders (NAHB) researchers.
The recent study, “What Home Buyers Really Want,” conducted by the NAHB, is based on a survey of recent and prospective home buyers across the country. The survey revealed that more than a third of millennials (36%) and Gen Xers (34%) say their housing preferences have changed because of the pandemic. NAHB also identified top features and design trends across generations for 2022.
In addition to a desire for more space and more bedrooms, millennials and Gen Xers are also looking for homes with modern or contemporary exteriors that are designed for multiple generations. Other changes include an interest in exercise rooms and home offices, as well as designated bike lanes in their communities.
“New homes offer flexible spaces and modern designs to accommodate the changing needs of home buyers so they can enjoy more time at home comfortably,” said NAHB.
In contrast, only 18% of baby boomers noted a change in their home buying preferences. Baby boomers are interested in smaller homes on smaller lots, preferably in the suburbs. They also have an eye toward energy efficiency. The top features unique to this generation include energy-efficient lighting and ENERGY STAR appliances.
To learn about new homes in the Walworth County area of Wisconsin, contact a member of the Lakeland Builders Association using the LBA Directory.