As the housing recovery presses onward, a new generation of buyers is leading the way: millennials. Not only is this younger generation full of fresh enthusiasm for homeownership, but they have a fresh idea of what their homes should look like, and—according to NAHB—builders are catering to these ideas to help fuel the housing recovery.
“As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires,” says NAHB Chairman Rick Judson, a home builder and developer from Charlotte, N.C.
What are these desired features? The No. 1 is energy efficiency. More than 80 percent of Generation Y home buyers—people born in 1977 or later—said in NAHB’s 2012 consumer preference survey they prefer a highly energy efficient home that results in lower utility bills during the home’s lifetime over a lower-priced home without energy efficient features. Today’s new homes feature ENERGY STAR-rated appliances; windows, doors and insulation that better control the home’s interior climate; and other modern components such as tankless water heaters and HVAC systems that save costs on utility bills.
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