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NAHB study: Boomer generation housing preferences

WASHINGTON – Feb. 26, 2016 – Based on a nationwide survey of recent and prospective homebuyers conducted in 2015, The National Association of Home Builders (NAHB) compiled data to answer one question: What do today’s baby boomers want in a home?
NAHB released the information in “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers,” a study recently released by NAHB’s publishing arm, BuilderBooks.
The study discusses the way various designs influence the home purchase decision; the location, features and size of the homes consumers want, and the influence of certain events and people on the decision to move to another home.
“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,” says Rose Quint, NAHB’s Assistant Vice President for Survey Research
Buyer key points
63 percent of boomers would like a single-family detached home.
64 percent of all buyers prefer a single-story home, but 75 percent of boomers prefer to avoid a second floor compared to 35 percent of millennials, 49 percent of Gen X’ers and 88 percent of seniors.
Boomers like living rooms (63 percent). When asked if they would buy a home without a living room, 37 percent of all buyers say they would; 42 percent would not and 21 percent are not sure. However, the demand for a living room rises with age: Millennials (43 percent would forego a living room), Gen X (40 percent), Baby Boomers (37 percent) and seniors (26 percent).
What buyers don’t want
Few buyers (8 percent) or boomers (7 percent) prefer a central city location. About two-thirds prefer a home in the suburbs (close-in or outlying), and just over a quarter prefer a rural area.
Only 14 percent of buyers overall (13 percent of boomers) are willing to pay more for a home out of pure concern for the environment.
© 2016 Florida Realtors®
Source: Florida Realtors Feed

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