Summary of the "What Home Buyers Really Want" the NAHB's Annual Home Buyer Survey for 2021
Home Buyers are willing to pay more for a home if the increase in cost results in lower ongoing energy bills.
Although 78% of buyers report being concerned about the impact building their home has on the environment, only 15% are willing to pay more for a home described as "environment friendly."
However, significantly more buyers are willing to pay extra for a home if they understand it will lead to annual savings in utility costs. In fact, 57% are willing to pay $5,000 or more, on top of the price of the home, in order to save $1,000 a year in utilities.
Twenty-five percent of homebuyers say the Pandemic has affected their home buying preferences
The majority of homebuyers in the study (67%) report the pandemic has not impacted what they want in a home or a community. On the other hand, 25% do acknowledge the health crisis has had an impact on their housing preferences. Specifically:
43% of those with at least one teleworker and one virtual student acknowledge their housing preferences have changed because of COVID-19, compared to only 9% of those with neither teleworkers nor virtual students.
1 out of 5 buyers, now wants larger homes as a result of COVID-19, while 12% would prefer a smaller home. Buyers with at least one teleworker and one virtual student are significantly more likely to want larger homes (35%) as a consequence of COVID-19 than buyers with neither (10%).
Prior to COVID-19, 26% of buyers would have preferred to buy their next home in an outlying suburb. Now, since the arrival of the pandemic, that share is 30% – the largest shift in preference for any location during this period.
Among Asian home buyers, the share in favor of a suburban location jumped nine points to 71% as a direct result of COVID-19.
60% of buyers would prefer to buy a newly-built home over an existing home, the largest share since 2007.
Preferences in Exterior Design
There is no majority opinion among buyers when it comes to the exterior design of the home: 32% prefer a traditional home, 24% a contemporary home, 16% a transitional home, and 14% a modern home.
Preferences in Interior Layout
Homebuyers clearly prefer open layouts: 85% want an open arrangement between the kitchen and the dining room, 79% between the kitchen and the family room, and 70% between the dining and the family room.
Heating Preferences
Most buyers (52%) prefer to heat and cool their homes with electricity, while 33% prefer to do it with gas. The reverse is true for cooking: 51% prefer to cook with gas and 39% with electricity. Preferences are more evenly split for water heating: 45% prefer gas and 40% electricity.
Multi-generational Homes
When asked if they would prefer a home designed for multiple generations (the buyer, plus a younger and an older generation), buyers are evenly split: 39% want it and 39% do not (with the remainder not being sure). The preference for multi-generational housing is much more pronounced among minorities, however: 53% of Hispanics, 50% of African-American, and 46% of Asians prefer it, compared to 35% of Caucasians.
The Most Desirable Technology
The top 5 most wanted technology features to deal with either energy efficiency or home security: a programmable thermostat, security cameras, video doorbell, wireless home security system, and a multi-zone HVAC system. A desire for each of the 21 technology features listed in the survey increases directly with the buyer's income bracket.
You can purchase a copy of the book; What Home Buyers Really Want, 2021 Edition" by Rose Quint, AVP Survey Research National Association of Homebuilders Washington, DC from the NAHB Bookstore.
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