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Persevering with NAHB’s dedication to be on the forefront of analysis on residence purchaser preferences, the 2024 version of What Residence Consumers Actually Need was lately launched on the Worldwide Builders’ Present. The first goal of the research is to offer builders, producers, architects, and the final residential building business with a radical evaluation of what consumers are on the lookout for of their houses and communities. Due to the inherent variety in purchaser backgrounds, the research offers granular specificity based mostly on demographic components similar to technology, geographic location, race/ethnicity, revenue, and worth level.
The research reveals that consumers need smaller houses than they did 20 years in the past. In 2003, the standard residence purchaser wished 2,260 sq. ft of completed space. In 2023, that quantity was all the way down to 2,067 sq. ft. Determine 1 reveals there was a everlasting downward shift in purchaser preferences for residence dimension. From 2003 to 2012, the standard purchaser wished to purchase a house ranging in dimension from 2,200 to 2,300 sq. ft. Since 2015, that vary dropped to between 2,000 and a couple of,100 sq. ft.
Information from the U.S. Census Bureau on the dimensions of recent houses affirm they’ve been shrinking for practically a decade. The typical dimension of recent houses began in 2023 dropped to 2,411 sq. ft (the smallest in 13 years), persevering with a downward development that started in 2015 when common residence dimension peaked at 2,689 sq. ft. The one 12 months that noticed residence dimension improve throughout this era was 2021, because of the pandemic-induced need for extra area to work/research from residence and the low interest-rate setting that allowed consumers to buy these larger houses. However the decline in common residence dimension resumed in each 2022 and 2023. Importantly, the median dimension of recent houses has additionally trended down for a decade, reaching 2,179 sq. ft in 2023.
That is the primary of a sequence of posts over the following few weeks that can cowl crucial findings within the newest What Residence Consumers Actually Need, 2024 Version. The research relies on a nationwide survey of greater than 3,000 current and potential residence consumers, chosen to proportionally characterize of the US inhabitants when it comes to age, revenue, race/ethnicity, and area of the nation.
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