Demographic Shifts Are Changing What’s Considered Desirable in HomesJuly 18, 2011 by Melissa Tracey · 2 Comments
Filed under: Home Trends
By Melissa Dittmann Tracey, REALTOR Magazine
Married couples no longer hold the majority in households. In 1960, married couples made up 75 percent of total households. In 2010, that percentage has dropped to 48 percent, according to U.S. Census data.
Meanwhile, “family households”–which includes married couples with no children–has bloomed from 45.1 million in 1960 to 77.5 million in 2010. And non-family households (people living alone or households where no one is related) has soared–increasing nearly five times in the last 50 years–from 7.9 million in 1960 to 39.2 million in 2010.
“These significant demographic shifts create opportunities to design and sell homes to a growing group who cannot find what they want in the resale market because the resale market was primarily built for families,” according to a report by John Burns Real Estate Consulting.
So given the growth in non-family households, what do these potential home buyers desire? Here are some of the findings from John Burns Real Estate Consulting:
Smaller home size. Non-family households tend to want less space than a family household–opting for a home under 2,500 square feet. A recent survey also found that more than two-thirds of non-family households tend to want no more than three bedrooms in a home too.
Location is key. Non-family households want a good location near work, entertainment, and shops. In fact, they consider the location more important than the size of the home.
Nothing over-the-top. Non-family households are less likely to choose extra amenities like media rooms, community pools, and tot lots.
Research has shown a big shift in housing…big growth in non-family households. This group desires…less space and location is the most important factor. This is definitely something to consider…..when working with buyers. Knowing their lifestyle…and what is….. the most important elements and factors in choosing a home. Understanding, knowledge and communicating is key.