SANTA CLARA, Calif.,
March 30, 2018 /PRNewswire/
-- This year, the typical spring buyer is on the hunt for a
three bedroom, two bathroom home with a garage and up-to-date
kitchen, according to a new survey released today from
realtor.com®, a leading online real estate destination.
The survey also revealed family needs and rising rents are
motivating millennials to get into the market, while 55+ buyers are
looking for privacy and comfort in their new home.
"Although record-low inventory and high prices make this housing
market unique, some classic features still top most shoppers' wish
lists," said Danielle Hale, chief
economist for realtor.com®. "At the same time, we found
some clear differences in priorities. For instance, older buyers
are concerned with privacy and being able to age comfortably, while
millennials place more emphasis on family needs, stability, and
personal expression."
Based on online survey of more than 1,000 active buyers
conducted in early March by Toluna Research, the survey provides
insight into both the most sought after homes as well as the
motivations underpinning what shoppers are looking for.
Majority of buyers want space, multiple bathrooms, and a
garage
The survey found many commonalities among homebuyers
of all ages. In fact, 44 percent of all respondents said they are
looking for a three-bedroom home and 93 percent of respondents want
at least two bathrooms. Additionally, 27 percent of all buyers rate
a garage as one of the most important home features, ahead of an
updated kitchen, 24 percent, and open floor plan, 20 percent.
Older Buyers Want Privacy & Comfort; Millennials Favor
Family & Self-Expression
According to the survey, more
than 20 percent of buyers 55 years and older said that privacy –
having a space solely of their own – was their main goal for
purchasing a home. That was followed by their motivation for
physical comforts at 18 percent and stability, at 15 percent.
By contrast, family needs took precedence for younger buyers.
Fulfilling family needs took the top spot for millennial buyers, at
17 percent, followed by stability at 14 percent and personal
expression at 13 percent. Only 12 percent of buyers younger than 55
cited privacy as their chief priority. Only 9 percent of 35- to
54-year-old buyers and 6 percent of 55+ cited personal expression
as a main goal for purchasing a home.
For Millennials, the Rent is Too High
Twenty-three
percent of buyers between 18 and 34 years old reported rising rent
as a trigger for their desire to purchase a home – more than any
other option. This corresponds with steep increases in rents across
the country in recent years, especially in many high-cost urban
areas that have become magnets for millennials. HUD data shows that
rents were up in 85 of the top 100 metro areas, including 9 metros
where rents were up by double-digit percent from a year ago.
Millennials Like Contemporary and Colonial Homes; Older
Buyers Prefer Ranches
Among millennials who expressed a
home-style preference – 11 percent didn't – contemporary and
colonial homes took the top spots, each favored by 10 percent of
respondents. On the other hand, ranches are the most popular home
style for buyers 55 and older, favored by 28 percent, followed
distantly by contemporary homes at 12 percent. Only 6 percent of
millennials favor ranch homes.
For the full results, please
visit: https://www.realtor.com/research/rising-rents-push-millennials-to-become-homeowners/
Information about realtor.com®'s 2017 home buyer
preference survey is available here:
http://news.move.com/2017-04-12-Realtor-com-R-Consumer-Survey-Identifies-Home-Shoppers-Preferences-in-2017
About realtor.com®
Realtor.com® is the trusted resource for home
buyers, sellers and dreamers, offering the most comprehensive
source of for-sale properties, among competing national sites, and
the information, tools and professional expertise to help people
move confidently through every step of their home journey. It
pioneered the world of digital real estate 20 years ago, and today
helps make all things home simple, efficient and enjoyable.
Realtor.com® is operated by News Corp [NASDAQ:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a
perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
Contact:
Lexie Puckett
Holbert: lexie.puckett@move.com
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SOURCE realtor.com