Real estate agents may be seeing an increase in younger buyers, surveys have showed. The National Association of Home Builders and Fannie Mae cited trends in home ownership among those born after 1977, both implying an uptick of homebuyers either currently or in the future.
In the NAHB property data consumer preference survey, the association found that young homebuyers have specific requests for homes, and those preferences are being met nationwide by home builders. Energy efficient residencies that would decrease overall utility fees, but that may cost more than a home with fewer energy efficient features, is one such preference. Builders are taking this into account when building houses - as should real estate agents when showing properties - by including doors, windows and insulation that improve the consistency of the indoor climate.
"As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires," said Rick Judson, chairman of the NAHB.
The report also notes that younger buyers are willing to buy new homes that will cost less to keep up with repairs that one might find in an existing home. The average maintenance cost of homes built before 1960 reaches $564 annually.
Renters aspire to own homes
Fannie Mae's National Housing Survey in May revealed that, while a percentage of respondents between the ages of 18 to 34 aren't sure they would qualify for a mortgage, the majority of young renters are planning financially for their future as homeowners. The survey showed that 81 percent of renters expressed that their living experience has been positive thus far, while 95 percent of homeowners expressed the same.
Eighty four percent of respondents who noted that they were better off owning a home said that they felt that way because they wanted to have control over what they did with their living space. Nearly 80 percent explained that it would increase their privacy and security, and 78 percent noted that they felt it would be the best investment plan. It should be noted that Fannie Mae's National Housing Survey allowed for more than one explanation.
Young renters in particular said that they preferred owning for both lifestyle and financial reasons at a rate of 57 percent, according to Fannie Mae.