What Type Of Home Do First-Time Buyers Want?

What Type Of Home Do First-Time Buyers Want?

First-time home buyers are an important demographic for the housing market. Historically speaking, they represent about 40 percent of buyers in any given year. Naturally, that means their wants and needs are important to anyone selling a home, including builders. So what type of home are first-time buyers looking for? Well, according to a recent presentation at the 2020 International Builders’ Show, there are some features and amenities large majorities of first-time home shoppers say they’d like in a house. For starters, 77 percent say they’d prefer to buy a single-family detached home, with nearly 60 percent saying they’d like it to be in the suburbs. An open floor plan, stainless steel appliances, and a laundry room on the first floor were among the other features that made the list. But though you might expect the needs of first-time buyers to be different from older house hunters, that isn’t necessarily the case. In fact, there were some items on their wish list that are popular with all buyers. For example, younger buyers said they wanted more storage, energy-star windows, and hardwood floors, which are perennial must haves for buyers of all ages. (source)