Have you ever considered living in a tiny home? The idea may be appealing to some, but living such a minimalist lifestyle isn’t for everyone. Nevertheless, the tiny home trend is growing, and the National Association of Home Builders have taken notice.
A recent survey showed that 53% of new home buyers would entertain the idea of a tiny home (600 square feet or less) in the future with Gen Xers and Millennials more open to the idea compared to Baby Boomers and older senior citizens.
This is just one point of interest found in the National Association of Home Builders’ latest survey.
The survey also revealed that 65% of home buyers do not think conditions (inventory shortages and affordability) will improve in 2018, with 79% of prospective buyers surveyed being able to afford only half of the homes in their markets. A majority of home buyers believe availability and affordability issues will not ease in 2018; however, they remain committed to their goal of purchasing a home.
Rose Quint, assistant vice president of survey research for the NAHB, said the survey findings show that housing availability and affordability continue to be serious issues.
“These potential buyers see a problem with housing availability,” Quint said. “They know it’s a tough nut to crack, but they are not deterred. They are still planning to buy a house in the next 12 months.”
The NAHB said that although housing starts rose by 9% year over year in 2017, home production was still affected by the lack of affordable, buildable lots and the scarcity of labor. Characteristics of new homes were also essentially unchanged in 2017. NAHB said that home sizes averaged 2,627 square feet in 2017, remaining largely the same as the 2,622-square-feet average size in 2016.
Here are a few more highlights from the NAHB survey:
- Homeowners are staying in their homes 12-13 years, on average.
- Homes built in 2018 will likely include a walk-in closet in the master bedroom, separate laundry room, a great room, nine-foot ceilings on the main floor and granite countertops in the kitchen.
- Homes in 2018 are also likely to have energy-efficient features, such as low-E windows and Energy Star certified appliances and windows.
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