The Home Features 1st Time Buyers Want Most

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For the past few years, the percentage of first-time home buyers active in the housing market has trailed behind historical averages. This year, however, analysts expect to see increasing numbers of young buyers looking for a home to purchase. With three million new jobs created last year and new, lower down payment requirements, the expected boost in first-time buyers will change the housing landscape in the coming months. So what are the most important features first-time buyers are looking for in a house? According to a recent survey from the National Association of Home Builders, a separate laundry room tops the list, with 55 percent of respondents saying they wouldn’t buy a home that doesn’t have one. Storage is also high on their wish list, with linen closets, walk-in pantries, and garage storage all making the top 10. Rose Quint, NAHB’s assistant vice president of research, believes these buyers will also demand smaller, more affordable homes. And, if they can’t afford everything they want, young buyers are willing to sacrifice finished space or a short commute to work, rather than settling for less expensive materials. The survey also found that the vast majority of Millennial buyers – young Americans roughly between the ages of 18 and 34 – prefer to buy a single-family home and 66 percent of them say they’d like a house in the suburbs rather than the city. More here.

First Time Buyers

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