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.
Sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 544,000 units in October 2019 after an upwardly revised September 2019 report. This is the lowest sales pace since December 2016.
According to new research by ATTOM Data Solutions, the 10 best days of the year to buy a home in the U.S. are primarily in December (7 days), and one day in each in the months of October, November and February.
Manhattan's most popular retail corridors experienced widespread asking rent declines in the fall of 2018. Out of the 17 high-profile corridors, 15 posted year-over-year decreases in ground floor retail average asking rents per square foot
Florida's housing market reported more closed sales, rising median prices and more new listings in October 2018 compared to a year ago. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.
The National Association of Home Builders is reporting this week rising housing affordability concerns in the U.S. continue to weigh on single-family production even as total housing starts edged higher in October 2018.