NAHB Study Reveals Boomer Generation’s Housing Preferences
The National Association of Home Builders’ (NAHB) publishing arm, BuilderBooks, recently released a study entitled “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers.” Reportedly based on a comprehensive, nationwide survey of recent and prospective home buyers conducted in 2015, the study discusses how various designs influence the home purchase decision; the location, features and size of the homes consumers want; and the influence of certain events and people on the decision to move to another home.
“This survey is a great resource for building professionals, as it provides an inside look at the things boomers, and other generations, are looking for in today’s homes,” said Rose Quint, assistant vice president for Survey Research. “As the housing market continues to recover, more consumers are in the position to purchase a home, and it’s important for builders to have this knowledge about their customers.”
According to the study, the majority of all buyers (65%), and boomers in particular (63%), would like to buy a single-family detached home. Most home buyers (64%) prefer a single-story home, but there is great variation by generation: millennials (35%), generation Xers (49%), boomers (75%) and seniors (88%). Fifty-eight percent of home buyers want a full or partial basement, but the preference declines with age: millennials (77%), generation Xers (67%), boomers (50%) and seniors (43%). When asked if they would buy a home without a living room, 37% of buyers say they would, 42% would not and 21% were unsure. The share of buyers willing to part with this formal space falls steadily with age: millennials (43%), generation Xers (40%), baby boomers (37%) and seniors (26%).
Few buyers (8%) or boomers (7%) prefer a central city location. About two-thirds prefer a home in the suburbs (close-in or outlying) and just over a quarter prefer a rural area. Only 14% of buyers overall (and 13% of boomers) are willing to pay more for a home out of pure concern for the environment.
For more information, visit www.nahb.org.