It’s hard to predict how much COVID-19 will influence home design and the homebuilding industry for years to come, but in the short-term there is still strong demand for new homes. In fact, the pandemic has accelerated many people’s plans to move, with a potential new housing demand of 2.1 million1 households.
To take advantage of this potential surge of new home buyers, it’s important to recognize which demographics are planning to move. Here are two top home buyer generations expected to move, and which home features each of them are most willing to pay for:
Millennials — ranging in age from roughly the mid-20s to 40 — make up the largest share of homebuyers at 38%2, according to the National Association of Realtors 2020 Home Buyers and Sellers Generational Trends Report. While many have chosen to rent in the past, 36%3 of millennials are now ready to take the leap into homeownership, and 39% have their eyes on single-family detached homes. Attached townhomes top the list of millennial home choices at 50%, followed by high-rise condos at 47% and attached duplexes at 40%. No matter what type of home they choose to buy, this is what millennials may be willing to pay for as far as home features: