Housing recovery is expected to be lead by young home buyers, according to a new survey done by NAHB. Young families, ages 31 to 45 (known as Generation X), are most likely to lead the home-buying recovery as it gets underway. The National Association of Home Builders (NAHB) show that these potential buyers are most likely to rethink the design features of their new homes.
Generation X is in full force with their careers and need to accommodate growing families. Ten thousand buyers in 27 metro areas surveyed were optimistic about a new home purchase. Between 85 and 89% say it is a good time to buy. They want something from a design or personalization standpoint. Seventy-five percent said they will pay more for a green home, but most expect new homes to already have green technology features. Most would pay a premium for dark wood cabinets, a separate tub and shower and a fireplace. A great room over formal spaces seems to be the favorite.
Amenities within the community are important to Gen X buyers. Preference to large lots in suburban development versus a traditional or walkable neighborhood, this generation also wants a connection between indoor and outdoor living. More storage and open floor plans with flexibility in the garage will become the norm.
Generation X may wait longer to establish their own household because of the recent recession impacts. but the trends are likely to occur as they have for past generations. For more information about this survey you can visit www.nahb.org.
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