June is National Homeownership Month and earlier this month the National Association of Home Builders (NAHB) released a statement assuring young, first-time buyers that now is the time to buy a home. You might remember our post detailing how Baby Boomers were influencing the housing market, and although they certainly are, it’s clear that ‘Generation Y’ are becoming a real force in the housing market and home builders are paying attention.
“As the economy recovers and young people who’ve had to live at home with their parents move forward in their lives and achieve their dreams of home ownership, builders are delivering homes with the floor plans, features and affordability that this generation desires,” said NAHB Chairman Rick Judson, a home builder and developer from Charlotte, NC in a statement on June 3rd.
A couple months ago, the NAHB reported that it was more advantageous for homebuyers to purchase a newly constructed home since maintenance costs for a newer home are near half what they are for a home built before 1960. This, combined with today’s low interest rates making loans more accessible, is really working in the first-timer’s favor. While all the financial signs are telling them to buy there are a few particular items that they are looking for that are influencing the construction of new homes.
When polled, NAHB found that 80 percent of Generation Y (folks born in the mid-to-late eighties) prefer highly energy efficient homes that deliver lower utility bills during the home’s lifetime. As a result, new homes feature ENERGY STAR® rated appliances, windows, doors, and insulation in order to better control the home’s interior climate. Tankless water heaters and efficient HVAC systems that cut electricity consumption are also in favor with Gen Y.
Dedicated Specialty Spaces
Game rooms and media rooms are also in favor amongst Generation Y homebuyers, along with other specialty rooms. New homes containing these spaces are outfitted with state-of-the-art electronics and associated wiring to support high-definition televisions, full house surround sound systems, fire, security, ‘smart home’ systems and more.
The time could not be better for young homebuyers to start looking for their first homes. The prices are competitive, there are outstanding opportunities to buy an existing home or build a new one, and homes are being built with energy efficient appliances, open layouts, and dedicated extra rooms. If you’re thinking about buying or constructing a new home take a look at the house plans you’ll find at The House Designers and specifically the ENERGY STAR® rated house plan collection.