Search for new homes to rise due to COVID-19
According to a study published by Builder, millennials and Baby Boomers say they will be looking to move to a new residence sooner rather than later because of COVID-19. The study, called the America at Home Study, queried more than 3,000 adults between the ages of 25 and 74 with a household income of at least $50,000, and the results, analysts say, represent a need for housing that should be encouraging to builders of single-family and multi-family homes.
In the millennial age group, the study found an increased desire to own a home rather than rent, with 36 percent saying the pandemic has spurred thoughts of purchasing housing. But rather than single-family homes, this demographic is more likely to want townhomes (50%), high-rise condo/apartment buildings (47%), and attached duplexes (40%) over a single-family residence (39%).
Baby boomers are also willing to consider townhomes (47%), though researchers say a modern design with private outdoor spaces, energy-efficient construction and updated technology would likely be necessary to attract this group to communal living. Thirty-five percent of baby boomers 55 and older say they are planning to move to a new residence sooner because of the pandemic, the study says, and they say their wish list also includes things like energy-efficient appliances and germ-resistant countertops.
The article breaks down new home desires by age group and says that it could represent more than 2 million more people searching for a new home than previous studies anticipated. “This isn’t hypothetical, it’s real new-home demand, backed up by the specific things buyers said they want and are willing to pay for,” says Belinda Sward, founder and chief strategist of Strategic Solutions Alliance, who led the research for the study,” the article says.