3 Emerging Demographics that are Changing Home Buying
In the last few years there has been a shift in the demographics of those looking to purchase a home. Here are some of the fastest growing home buying groups and what they’re looking for in a new house.
First-time, single female home buyers are on the rise and a driving force in the home buying market. According to a report by the National Association of Realtors1 (NAR), single women make up 17% of home buyers, while 9% are single men. The median age of single female home buyers is 54.
This growing demographic of home buyers is looking for three main concepts2 in a new house:
- Space: Whether it’s walk-in closets, large cabinets or multiple bedrooms, these women want larger areas for storage as well as room for entertaining guests.
- Safety: Though neighborhoods and house location are a big part of this, single women are also looking for homes with ample exterior lighting, gated access, alarm systems and other features that allow them to feel safe living on their own.
- Up-to-date appliances and technology: Single women want modern amenities like energy efficiency features and state-of-the-art kitchen appliances. They are often busy so they need easy-to-use, low maintenance products.
Unmarried couples looking to buy houses are on the rise. According to NAR3, unmarried buyers make up 9% of the home buying market. Millennials make up the majority of this demographic, with 21%4 of younger, unmarried millennial couples buying homes.
Most unmarried couples moving into a new home together have three main priorities5 when purchasing a house:
- Outdoor space: This is a feature growing among this demographic because they want a place to relax and many own dogs.
- Tech and energy-saving features: Many unmarried couples looking for homes grew up in the digital world and want homes that have up- to- date technology.
- Customization: A house that is able to adapt as the couple grows and changes is a crucial element in an unmarried couple’s search.
More Americans are opting to live together6 every year, with adult children staying longer or aging parents moving in with their adult children.
Here’s what multigenerational buyers7 are looking for in a new home:
- Space: This includes family members having their own suites, kitchenettes and other features that allow individuals to have a private sector of the home. Small space appliances are perfect for kitchen suites, offering ample functionality.
- Easy and open access around the home: For those choosing to live with senior parents or other older relatives, having amenities like wide doorways, bathtubs, easy-to-reach storage and open spaces is essential. This is especially important for buyers who may need wheelchair assistance or a walker.
- Flexibility: With kids coming in and out of the home or older family members needing a downstairs space, it’s important that whatever home the buyers decide to purchase is adaptable to their needs.
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