Trends, trends, trends! They are always changing and now is no exception. As the pandemic continues the size of new homes is increasing and no surprise, home shoppers are looking for more space to spread out. The average size of a new home has risen to 2,524 square feet and the number of four or more bedrooms and three or more full bathrooms rose to 46% and 34% respectively, according to the National Association of Home Builders. That's a big jump in a short period of time.
Millennials and Generation X appear to be looking for homes designed to house multiple generations. Young families might be looking for built-in baby sitters or alternatives for their elderly parents who need help with every day living. The number of home shoppers buying a multigenerational home since the pandemic began rose to a nine-year high of 15% according to the National Association of REALTORS® in 2021.
Overall, home buyers are showing a greater desire for exercise rooms, home offices, and patios. The percentage of single-family homes with patios climbed to 63% and front porches are also becoming more popular. Americans are showing more desire to expand their outdoor spaces as they spend more time at home.
Here are the five new-home features most popular among all generations:
Laundry rooms
Exterior lighting
Ceiling fans
Patios
Walk-in pantries
It's funny how things change. A couple of years ago smaller foot prints were trending as baby boomers reached retirement age and Millennials and Generation X focused on experiences outside the home. We'll see where we are in another year!
Source: Realtor Magazine, February 10, 2022