In a recent post from National Association of Home Builders’ Eye On Housing that revealed 16% of adults are planning to purchase a home in the next 12 months, the report also showed that 42% of those looking to purchase a home are specifically looking for a newly-built home, an increase year-over-year from 24%. Additionally, 30% from that group are looking for an existing home, which is a rise from last year’s 30%.
“When broken down by generation, a majority of Millennial buyers (56%) would prefer a new home, the most of any generation,” wrote Rose Quint of Eye On Housing. “In contrast, 44% of Boomers and 41% of Gen Z buyers are looking for an existing home. Regionally, in the Northeast and West, a majority of buyers would prefer a new home. In the Midwest, on the other hand, 41% are looking for an existing home.”
As the demand in housing continues to be prominent with the end of the pandemic in sight, reports continue to show that the need for newly-built homes is key to meet the needs of the market. While the building industry continues to combat rising material costs, it’s important for our sector to do what they can to build new homes.