According to a new national survey by the National Association of Home Builders (NAHB), most U.S. home buyers (64%) prefer a single-story home, but there is great variation by generation: Millennials (35%), gen X'ers (49%), boomers (75%) and seniors (88%).
Here are some of the key findings on what home buyers want from the NAHB study:
The majority of all buyers (65%), and boomers in particular (63%), would like to buy a single-family detached home.
Most home buyers (64%) prefer a single-story home, but there is great variation by generation: Millennials (35%), gen X'ers (49%), boomers (75%) and seniors (88%).
Fifty-eight percent of homebuyers want a full or partial basement, but the preference declines with age: Millennials (77%), gen X'ers (67%), boomers (50%) and seniors (43%).
When asked if they would buy a home without a living room, 37% of buyers say they would, 42% would not and 21% are not sure. The share of buyers willing to part with this formal space falls steadily with age: Millennials (43%), gen X (40%), baby boomers (37%) and seniors (26%).
And here are some of the findings on what most buyers do not want:
Few buyers (8%) or boomers (7%) 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% of buyers overall (and 13% of boomers) are willing to pay more for a home out of pure concern for the environment.
According to CBRE's Q3 2018 Manhattan retail market report, New York City retail rents continued to drop during the third quarter, but forecasters are optimistic for the impending holiday shopping season.
According to the Mortgage Bankers Association's newest Weekly Mortgage Applications Survey for the week ending October 5, 2018, mortgage applications in the U.S. decreased 1.7 percent from one week earlier.