The Chattanooga area is steadily gaining a reputation as one of the most desirable places to live in the nation, particularly among younger adults drawn to a strong job market and thriving arts and music scene. A recent nationwide study examining housing preferences across generations sheds some surprising light on how these younger residents choose a new home.
Forget what you think you know about Millennial homebuyers. Despite prevailing assumptions that the 18-to-34 age group would opt for all things less conventional, sleeker, greener, the most immediate, a study by the National Association of Home Builders shows something quite different. Here are just a few of the findings:
• Young homebuyers want to buy a traditional single-family detached home (as opposed to a condo or duplex) just as much as any other age group.
• More than the older age groups, younger homeowners and buyers prefer bigger homes with more square footage and more bedrooms.
• Millennials are the only age group that list three outdoor spaces (patio, front porch, and deck) and exterior lighting all among the top features they want in a new home.
• While other age groups ranked Energy Star® ratings for the whole home and windows very high on their most wanted list, the feature did not even rank on Millennials’ top ten list.
• Younger homebuyers cited a separate laundry room and a conventional living room as two of their top most desired rooms in a house.
The study is particularly interesting in its overarching finding that Millennials do not necessarily want the same type of starter home typical of younger families in the past. They are waiting longer to buy their homes, getting married later, and holding out for larger homes they can grow into over time. The study’s executive report can be found at www.housingeconomics.com.
Whatever your age group or home preferences, members of the Home Builders Association of Greater Chattanooga can help you build or renovate your ideal home. Call us at 423.624.9992 or visit us online at www.hbagc.net.