What Do Today’s Homebuyers Want?

National Association of Home Builders – A recent survey by the National Association of Home Builders asked what prospective homebuyers—particularly baby boomers—look for in a home.

A few findings from the study:

• The majority of all buyers (65 percent), and boomers in particular (63 percent), want a single-family detached home.
• Most buyers (64 percent) prefer a single-story home, but there is great variation by generation: millennials (35 percent), gen X’ers (49 percent), boomers (75 percent), and seniors (88 percent).
• When asked if they would buy a home without a living room, 37 percent said they would, 42 percent would not, and 21 percent are not sure. The share of buyers willing to part with this formal space falls steadily with age: millennials (43 percent), gen X (40 percent), boomers (37 percent), and seniors (26 percent).
• Few buyers (8 percent) or boomers (7 percent) prefer a central city location. About two-thirds prefer a home in the suburbs (close-in or outlying), and just over a quarter prefer a rural area.
• Only 14 percent of buyers overall (and 13 percent of boomers) are willing to pay more for a home out of pure concern for the environment.

This article originally published in RECON – Real Estate Center Online