As the home building industry celebrates New Homes Month in April, new research shows that new buyers have an increased desire for bigger homes and more outdoor amenities which are driving new home designs.
Home builders reported a rise in the average size of a new home to 2,524 square feet, and the percentage of new homes with four or more bedrooms and three or more full bathrooms to 46% and 34%, respectively.
“Home buyer preferences have continued to reverse trends in new home designs, and builders are working to respond to new interests in the wake of COVID-19,” said Melissa Schooley, Eastern Iowa president of Great Western Bank and 2022 president of The Greater Iowa City Area Home Builders Association.
The recent study, “What Home Buyers Really Want,” conducted by the National Association of Home Builders (NAHB), is based on a survey of recent and prospective home buyers across the country. The survey revealed that more than a third of millennials (36%) and Gen Xers (34%) say their housing preferences have changed because of the pandemic.
In addition to a desire for more space and more bedrooms, millennials and Gen Xers are also looking for homes with modern or contemporary exteriors that are designed for multiple generations. Other changes include an interest in exercise rooms and home offices, as well as designated bike lanes in their communities.
“New homes offer flexible spaces and modern designs to accommodate the changing needs of home buyers so they can enjoy more time at home comfortably,” Ms. Schooley said.
In contrast, only 18% of baby boomers noted a change in their home buying preferences, according to the survey. Baby boomers are interested in smaller homes on smaller lots, preferably in the suburbs. They also have an eye toward energy efficiency. The top features unique to this generation include energy-efficient lighting and ENERGY STAR appliances.
Buyers can tour new homes in-person and virtually during the Parade of Homes June 4, 5, 7, 9, 11 and 12. More information can be found on the website www.iowacityhomes.thegazette.com.
The Greater Iowa City Area Home Builders Association seeks to promote and strengthen its local building industry by connecting, educating and supporting a variety of more than 370 members representing all aspects of the home and building industries. Member groups include builders, remodelers, developers, suppliers, designers, engineers, real estate brokers, accountants and more. The association represents the Iowa counties of Cedar, Iowa, Johnson and Washington and assists area schools through its Vocational Training Council.
