NAHB: Millennials want spacious homes
Millennials want a median of 2,407 square feet in a home, according to the National Association of Home Builder’s “What Home Buyers Really Want” 2019 Edition.
The report is based on a survey of prospective and recent home buyers and asks them about the features they want in a home and a community.
The median square footage Millennials want in a home is slightly higher than the Gen X generation (2,280 sq. ft.), and significantly more than Boomers (1,913 sq. ft.) and Seniors (1,869 sq. ft.), the NAHB said.
Millennials are most likely looking for larger spaces because they are at the age most associated with starting a family. Boomers and Seniors, however, are most likely empty nesters or retirees, looking to downsize.
Millennials are also the generation most likely to want a “brand new home offered by a builder,” according to the NAHB. About 41% of Millennials want this, followed by 28% of Gen X’ers, 29% of Boomers and 31% of Seniors.
At the same time, Millennials are the least likely to want “a home custom built on a lot you own,” compared to 25% of Gen X’ers, 23% of Boomers, and 27% of Seniors. Also, 41% of Millennials want to buy an existing home, slightly lower than Gen X’ers at 47%, Boomers at 48% and Seniors at 43%.
Across all generations, a majority of buyers want a single-family detached home: 75% of Millennials, 79% of Gen X’ers, 78% of Boomers and 63% of Seniors.
Just 15% of Millennials want a townhouse or single-family attached home, which is about the same as Boomers at 12%.
Multifamily apartments or condos are not popular across the board but is accepted by 7% compared to 5% of Gen X’ers, 3% of Boomers and 2% of Seniors.
The report also shows that Millennials expect to pay a median of $260,400 for their home, second only to Seniors who expect to pay a median of $271,953. Gen X’ers ($250,629) and Boomers ($252,498) expect to pay similar amounts for their homes, but less than that of Millennials.
The report is based on a survey of prospective and recent home buyers and asks them about the features they want in a home and a community.
The median square footage Millennials want in a home is slightly higher than the Gen X generation (2,280 sq. ft.), and significantly more than Boomers (1,913 sq. ft.) and Seniors (1,869 sq. ft.), the NAHB said.
Millennials are most likely looking for larger spaces because they are at the age most associated with starting a family. Boomers and Seniors, however, are most likely empty nesters or retirees, looking to downsize.
Millennials are also the generation most likely to want a “brand new home offered by a builder,” according to the NAHB. About 41% of Millennials want this, followed by 28% of Gen X’ers, 29% of Boomers and 31% of Seniors.
At the same time, Millennials are the least likely to want “a home custom built on a lot you own,” compared to 25% of Gen X’ers, 23% of Boomers, and 27% of Seniors. Also, 41% of Millennials want to buy an existing home, slightly lower than Gen X’ers at 47%, Boomers at 48% and Seniors at 43%.
Across all generations, a majority of buyers want a single-family detached home: 75% of Millennials, 79% of Gen X’ers, 78% of Boomers and 63% of Seniors.
Just 15% of Millennials want a townhouse or single-family attached home, which is about the same as Boomers at 12%.
Multifamily apartments or condos are not popular across the board but is accepted by 7% compared to 5% of Gen X’ers, 3% of Boomers and 2% of Seniors.
The report also shows that Millennials expect to pay a median of $260,400 for their home, second only to Seniors who expect to pay a median of $271,953. Gen X’ers ($250,629) and Boomers ($252,498) expect to pay similar amounts for their homes, but less than that of Millennials.