Young Buyers Will Shape Tomorrow’s Homes

More young Americans between the ages of 25 and 34 are living with a parent than at any time in the past 30 years. In fact, 15 percent of young adults are living with their parents, which is 3 percent above the previous high. That’s approximately 1.3 million people who would normally be forming households of their own, according to Rose Quint, the National Association of Home Builders’ vice president for survey research. Quint, speaking at a conference on housing preferences for millennials, said first-time buyers will make a significant impact on the types of homes that are being built once they return to the market. In recent years, the lack of first-time home buyers active in the housing market has gotten a lot of attention. And despite new mortgage programs and looser requirements aimed at increasing the number of first-time buyers, the new home market continues to be dominated by move-up buyers. Quint believes, because millennials are a generation immersed in technology, they will demand smaller, smarter, more energy efficient homes when they decide to buy. They are also interested in home organization and workspaces, workable kitchens, outdoor living areas, and casual spaces. Typically around 40 percent of home buyers, first-time buyers represented just 30 percent of home sales last year. More here.

First-Time Buyers