Baby boomers prefer single-family detached homes, according to NAHB survey
By Academy Mortgage Corp.
Baby boomers make up a substantial portion of the population and their contribution to the housing market has a profound impact on its fate, as noted in analysis from Mortgage News Daily. By gaining a better understanding of what this generation wants in a home, home builders can ensure a brighter future for housing . In fact, it is the older generation that makes up for a majority of today's existing home equity. When members of this generation decide to downsize or relocate to be closer to family, meeting their needs is critical for appealing to this demographic, which represents much of today's homebuying power.
According to the National Association of Home Builders' recent survey of recent and prospective homebuyers, many factors influence this generation and their choices around homeownership.
"This survey is a great resource for building professionals, as it provides an inside look at the things boomers, and other generations, are looking for in today's homes," said Rose Quint, NAHB's Assistant Vice President for Survey Research. "As the housing market continues to recover, more consumers are in the position to purchase a home, and it's important for builders to have this knowledge about their customers."
Baby boomers want single-family housing options. According to the survey, 63% of boomers looking for a new home want to invest in a detached single-family residence. In addition, 65% of all buyers are interested in this type of property.
Members of the boomer generation also prefer single-story homes: Where 64% of all buyers expressed they would rather invest in this type of house, 75% of boomers indicated a single-story option is their preference when they are looking for a new house. In addition, 58% of boomers indicated wanting a full or partial basement.
Other generations that also seek out single-story homes and their respective percentages include:
- Generation X-ers (67%)
- Seniors (88%)
- Millennials (35%)
Of the boomer generation's preferences, they did not include the following features:
- Central city location
- Environmentally friendly features
Because baby boomers have such a large influence on the performance of the housing market, home builders will want to construct homes that take their preferences heavily into account.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.