Friday
August 26, 2016

How Much Space Buyers Really Crave

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How Much Space Buyers Really Crave

For the majority of home buyers, they want a home with about 9 percent more space than they currently have. A new study translates that to a median of 2,020 square feet.

Read more: New Homes Are Getting Bigger and Pricier

But the amount of desired square footage can vary quite a bit among the different age groups, according to findings from the National Association of Home Builders’ “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers.” For example, millennial and Gen X buyers desire the most space, at more than 2,300 square feet. Baby boomers and seniors, on the other hand, mostly would be happy with homes that are under 1,900 square feet.

Take a look at this chart below from NAHB that shows the gap between current and desired home sizes among the various age segments:

 

NAHB’s study also found that more than half of all home buyers across all age groups would like to have a home with three bedrooms. Thirty percent of respondents say they’d prefer four bedrooms or more. Millennials and Gen X’ers are most likely to want a home with at least four bedrooms.

Source: “Housing Preferences Across Generations (Part II),” National Association of Home Builders’ Eye on Housing (March 17, 2016)