In the most recent Housing Trends Report, 46% of current renters want to own. That is about 7.4 million households in the U.S. Surprisingly, those wanting to switch are Millennials and GenX groups ranging from ages 25 to 44.
At the beginning of the quarter, only 16% were looking to buy a home. Now, the rise in buying is seen as a result of COVID-19. In order to meet the demand in new homes, we need to know who and what they are looking for.
Who Wants to Buy a New Home in South Florida?
Millennials between 25 and 34 were the largest single group (53%) most inclined to buy a home today, followed by older millennials and younger Gen X buyers 35 to 44 years old (47%). The majority of this demographic indicated they have solid incomes and are able to purchase in many markets.
We are seeing 60% of multigenerational families, 53% of single parents, 51% of couples with kids, and 47% of couples without kids looking to buy. These factors come into play when trying to determine what homes they are looking for.
Lennar has many new home communities, but at Arbor Parc, buyers can achieve the dream of homeownership from the low $200s! At this price point, you get a low-maintenance villa in a private community with a sparkling swimming pool, fully equipped fitness center, walking trails, lakes, and more!
What Do People Want in a New Home in South Florida?
The majority (79%) of those asked for their housing preference have expressed an interest in single-family detached homes. The study then asked what they’re willing to trade-off in order to improve their ability to buy a home.
Buyers know that in order to get a better price they’ll have to sacrifice some elements of the home. One way to lower costs is to minimize yard size. 51% of ready buyers list this as their first trade-off when looking at housing costs.
Some factors potential home buyers were willing to accept were:
- Access to open space via a balcony, porch, deck, or patio versus having a yard (57%)
- Different/less expensive location (53%)
- Smaller yard size (45%)
- Fewer features or upgrades (44%)
- Ability to rent out a room or apartment in the home with a separate entry (42%)
- Smaller/no garage (39%) tied with attached home type (39%)
Where Do Renters Want to Live?
The other 54% of people who are continuing to rent are looking for built-for-rent, single-family detached homes compared to other types of dwellings. For this group, single-family detached homes were the top choice at 40% overall and, not surprisingly, were preferred by 60% of couples with children, followed by 55% of singles with children and 75% of multigenerational families.
If you’re searching for a new home in South Florida, see what’s for sale at Arbor Parc. It’s the perfect place to transition from renter to owner, with affordable floor plans, low monthly maintenance and plenty of fun amenities to keep you and your family entertained.