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Young homebuyers are asking for – and getting – home features that are quite different than those of the past, according to a recent National Association of Home Builders survey. www.dsnews.com/…survey-features-generation-y-homebuyers-favor…
Since June is National Homeownership Month, the NAHB asked members of Generation Y, Millennials, and other tags for this group of people born between 1977 and later, what features they were the most interested in having in a home.
Young Buyer Choices
“ As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater the floor plans, features and affordability that this generation desires, said Rick Judson, NAHB chairman, homebuilder, and developer from Charlotte, North Carolina.
The study discovered that 80% of respondents value highly energy-efficient homes over lower-priced but lacking energy-efficient features, indicating a preference for money on utilities. In order to meet this demand, builders are constructing homes with ENERGY-STAR-rated appliances, doors, windows, and modern components such as tankless water heaters and heating, ventilation, and air conditioning (HVAC) systems in order to save money on energy.
Media and Game Rooms
Another major feature that young buyers want in their homes are media and game rooms, in preference to other types of specialty rooms. New homes not only may contain the spaces, but also are equipped with modern, state-of-the-art electronic and wiring components that can accommodate high-definition full-house sound systems, hard-wired fire and security alarms, and even more.
Furthermore, the study revealed that modern homes, built after 2008 cost an average of $241 per year to maintain, compared to $564 per year for homes built prior to 1960.
Judson said that, “The time has never been better for young people to become home owners, whether it be a new home or existing.” He then concluded that, “There are outstanding opportunities in the current market, with near record low interest rates, competitive prices and new homes being built that include open layouts, energy efficient components, and other features that cater to young buyers.”