The WPJ
Residential Real Estate News
NAHB Study Reveals U.S. Home Purchase Preferences Across Generational Lines
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%).
- 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.
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