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    What Home Buyers Really Want, 2019 Edition
    What Home Buyers Really Want, 2019 Edition
    What Home Buyers Really Want, 2019 Edition
    Ebook347 pages1 hour

    What Home Buyers Really Want, 2019 Edition

    By NAHB Economics Group

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    About this ebook

    his resource is the latest in NAHB’s long commitment to home buyer preferences research. It provides the most current and accurate information on buyer preferences so that you can deliver the home (and community) that today’s buyers want and are willing to pay for. In this latest study, the analysis shows not only what the typical, average buyer wants in terms of features, layout, technology or community amenities, but also how those preferences differ based on demographic factors, such as age, race/ethnicity, geographic location, income or price point.
    LanguageEnglish
    PublisherBuilderBooks
    Release dateFeb 1, 2019
    ISBN9780867187731
    What Home Buyers Really Want, 2019 Edition

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      Book preview

      What Home Buyers Really Want, 2019 Edition - NAHB Economics Group

      What Home Buyers Really Want, 2019 Edition

      BuilderBooks, a Service of the National Association of Home Builders

      Disclaimer

      This publication provides accurate information on the subject matter covered. The publisher is selling it with the understanding that the publisher is not providing legal, accounting, or other professional service. If you need legal advice or other expert assistance, obtain the services of a qualified professional experienced in the subject matter involved. The NAHB has used commercially reasonable efforts to ensure that the contents of this volume are complete and appear without error; however the NAHB makes no representations or warranties regarding the accuracy and completeness of this document’s contents. The NAHB specifically disclaims any implied warranties of merchantability or fitness for a particular purpose. The NAHB shall not be liable for any loss of profit or any other commercial damages, including but not limited to incidental, special, consequential or other damages. Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favored status by the NAHB. The views and opinions of the author expressed in this publication do not necessarily state or reflect those of the NAHB, and they shall not be used to advertise or endorse a product.

      ©2019 by NAHB. All rights reserved. This What Home Buyers Really Want, 2019 Edition is a copyrighted work owned by the National Association of Home Builders of the United States (NAHB). Without advance written permission from the copyright owner, no part of this book may be reproduced, distributed, or transmitted in any form or by any means, including, without limitation, electronic, optical or mechanical means (by way of example and not limitation, photocopying, or recording by or in an information storage retrieval system). For information on permission to copy material exceeding fair use, please contact: BuilderBooks, 1201 15th Street NW, Washington, DC 20005-2800. Phone (800) 368-5242.

      Trademarks: National Association of Home Builders, NAHB, BuilderBooks, and the NAHB logo are registered trademarks of the National Association of Home Builders of the United States.

      Published in the United States of America

      22 21 20 19          1 2 3 4 5

      ISBN-13: 978-0-86718-772-4

      eISBN-13: 978-0-86718-773-1

      For further information, please contact:

      National Association of Home Builders

      1201 15th Street, NW

      Washington, DC 20005-2800

      BuilderBooks.com

      Table of Contents

      Acknowledgements

      Executive Summary

      1 Home Type, Price & Size

      Market Tilted in Favor of Single-family Detached Homes

      Preference for New Homes Has Declined, but Still Outstrips Supply

      Buyers’ Expectations Now Keeping Pace with Price Increases

      Buyers Want More Space

      Desire to Upsize Concentrated Among Younger Buyers

      Older Buyers More Willing to Accept Smaller Lots

      2 Room Layout & Design

      The Preferred Layouts are Open, Especially to the Kitchen

      Seniors Less Likely to Insist on Connected Dining/Family Rooms

      Younger Buyers Like Taller Structures

      Basements More Popular in Cooler Climates

      Nearly Half of Buyers Want Exactly Three Bedrooms

      Two Baths Only Likely to Satisfy Buyers of Homes Under $250,000

      Strong Plurality of Buyers Want a Two Car Garage

      Many Buyers Want Ceilings Higher than 8 Feet

      3 The Most Wanted—and Unwanted—Features

      The Most Wanted List Includes Three Types of ENERGY STAR Ratings

      Patios Becoming More Wanted

      Nothing as Essential as a Laundry Room

      Elevators Top the Unwanted List

      4 Kitchen & Baths

      Many Kitchen Features are Desirable, Double Sink is Essential

      No Double Sink? Maybe in the Northeast

      Preferred Cabinet Color Varies, But Most Buyers Like Stainless Steel Appliances

      Many Buyers Do Not Want Laminate Countertops or Wine Coolers

      Niche Markets Exist for Even the Most Unwanted Kitchen Features

      Buyers Like Linen Closets; Insist on a Tub+Shower and Double Vanity

      High-end Buyers in Particular Want Dressing Areas and Double Vanities

      The Most Unwanted Bath Feature: Dual Toilets

      Some Bath Features Are Especially Unwanted by Older Buyers

      5 Windows, Doors, Flooring & Decorative Features

      Buyers Want Energy-Efficient Windows

      Desire for Energy-Efficient Windows Increases with Age

      About 1/3 of Buyers Reject Aluminum Windows

      Sidelights by the Entry Door is a Good Idea

      Doors Would Not Cause Most Buyers to Pass on a Home

      Hardwood is King on the Main Floor

      Cork Flooring Strongly Rejected by Many Buyers

      Most Buyers Want Ceiling Fans

      Location Matters in Preference for Ceiling Fan

      Only a Minority of Buyers Would Reject a Home Because of Decorative Features

      6 Specialty Rooms & Features

      No Laundry Room, No Deal

      Millennial’s Home Checklist: Entertainment Rooms

      Home Offices and Study/Den/Library: An Upscale Buyer’s Dream

      More than Half of Buyers Do Not Want a Wine Cellar

      Home Buyers Want Garage Storage

      Two-thirds of Home Buyers Do Not Want an Elevator

      7 Accessibility & Exterior Features

      The Patio Gains Popularity

      Yet Nearly One-Third Do Not Want an Outdoor Kitchen

      Brick or Stone on Front Exterior Would Please Most Buyers

      Preference for Exterior Material Depends on Location

      Around 30 Percent Reject Stucco and Vinyl on Front Exterior

      Most Buyers Would Like a Full Bath on the Main Level

      Unsurprisingly, Older Buyers Have Stronger Preferences for Accessibility Features

      Nearly 1/3 Reject Lowering Countertops

      8 Green Homes & Features

      Concern for the Environment Does Not Mean a Home Can Cost More

      Buyers Willingness to Pay for Energy Savings

      Affordable Housing Less Able to Bear Up-front Costs

      ENERGY STAR Has Significantly Greater Brand Recognition than Other Green Programs

      Green Certifications in General Have Value, but Energy Efficiency Dominates

      Buyers Like ENERGY STAR, Dislike Roof Plants, Are Indifferent about Prefab

      Buyers Often Choose a Green Alternative, but Cul de sacs are Strongly Preferred over Interconnected Streets

      Some Green Alternatives Appeal Even More to Particular Buyers

      9 Technology in the Home

      Buyers Want Technology to Help with Security

      Older Generations Have Stronger Preferences for Some Technologies

      Buyers Are Divided About Importance of Voice Controls

      Desire for Voice Control over Technologies Decreases with Age

      10 Choosing a Home & Community

      11% of Home Buyers Want to Live Downtown

      Who’s Driving Uptick in Central City Preference?

      Construction Quality & Price: Most Important Reasons for Choosing a Home

      Schools and Proximity to Work are Very Important to Some Buyers

      Buyers Want to Live Near Retail Space

      The Higher the Home Price, the More Community Features Buyers Want

      Every Generation Places High Value on Five Community Features

      Daycare Center is Most Unwanted Community Feature

      A Majority of Buyers Find Professional Designations Valuable

      11 Trade-Offs Buyers are Willing to Make

      Home Buyers Are Willing to Compromise on Space

      Still No Consensus on the Need for a Living Room

      Home Buyers Want Amenities Included in Base Price

      Amenities Trump Space among Home Buyers

      12 Survey Methodology & Profile of Respondents

      Sample Design

      Weighting

      Statistical Tests

      Profile of Respondents

      Appendix A

      Detailed Tables

      Appendix B

      Special Study on Notable Historical Trends

      Appendix C

      Survey Questionnaire

      Acknowledgments

      What Home Buyers Really Want, 2019 Edition is produced by the NAHB Economics & Housing Policy Group. The primary goal of the study is to provide NAHB members with the most current and accurate information on buyer preferences so that they can deliver the home (and community) that today’s buyers want and are willing to pay for. The analysis herein shows not only what the typical buyer wants in terms of features, layout, technology, or community amenities, but also how those preferences can change (or not) based on demographic factors such as age, race/ethnicity, geographic location, income or price point.

      What Home Buyers Really Want, 2019 Edition was prepared under the direction of Robert Dietz, Ph.D., NAHB Chief Economist and Senior Vice President. The following staff participated in producing the final report:

      Paul Emrath, Vice President - Survey and Housing Policy Research

      Rose Quint, Assistant Vice President - Survey Research

      Ashok Chaluvadi - Senior Economist

      Carmel Ford – Economist

      Jack Brady - Intern

      The study would not have been possible without the generous support of NAHB’s Sustainability & Green Building Department.

      Results presented throughout this study come from a survey based on a consumer research panel maintained by Home Innovation Research Labs. For more information about the consumer research panel, or other market research services offered by Home Innovation Research Labs, contact Ed Hudson at (800) 638-8556, ext. 6305.

      Executive Summary

      The 2019 Edition of What Home Buyers Really Want continues NAHB’s long commitment to home buyer preferences research. The principal objective pursued in this study is to provide NAHB members with the most current and accurate information on buyer preferences so that they can deliver the home (and community) that today’s buyers want and are willing to pay for. In this latest study, the analysis shows not only what the typical, average buyer wants in terms of features, layout, technology or community amenities, but also how those preferences differ based on demographic factors, such as age, race/ethnicity, geographic location, income, or price point.

      What Home Buyers Really Want, 2019 Edition is based on a comprehensive, nationwide survey of recent and prospective home buyers, carefully selected and weighted to represent the actual universe of home owners in the country, in terms of their geographic distribution, age, income, and racial/ethnic composition.

      The survey was conducted in two phases in the spring of 2018 using consumer panels maintained by the Home Innovation Research Labs. The first phase used screening questions to identify recent home buyers (who purchased a home in the last three years) or prospective home buyers (those expecting to buy a home in the next three years). In the second phase, a detailed questionnaire was sent to the recent and prospective buyers identified in phase one. The results reported here are based on 3,996 responses to the detailed questionnaire.

      Key Findings

      About three out of every four home buyers (77 percent) would like to purchase a single-family detached home.

      Fifty-four percent of recent and prospective home buyers would prefer a newly built home (31 percent would like to buy it from a builder, the other 23 percent would prefer it custom-built on a lot they already own). An existing home is the preferred choice for the remaining 46 percent.

      Buyers expect to pay (or recently paid) a median of $254,145 for a home.

      Buyers want a median of 2,066 square feet of finished space, about 7 percent more than the 1,926 square feet they currently have. Across generations, Millennials want 26 percent more space (2,407 square feet) than they currently have, whereas Seniors are looking to downsize by about 10 percent (down to 1,869 square feet).

      The size of the lot is irrelevant to 22 percent of buyers, but for 30 percent a minimum of one acre is necessary.

      By a significant margin, home buyers prefer open layouts. More than 80 percent want a partial or complete opening between the kitchen and the dining room, as do at least 70 percent between the kitchen and the family room and between the dining room and family room.

      Sixty-five percent of home buyers prefer a one-story home. Age is directly related to this preference, however, as fewer than 40 percent of buyers under the age of 45 want a single-story home, compared to more

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