3 Home Types Attracting Today’s Consumer
We may not know what exactly 2022 will bring, but one thing is clear: the housing market's strong growth is projected to continue. Home sales, which are already on an upward trajectory, are expected to increase another 6.6%1.
And, what - and who - is driving this growth? About 45 million millennials2 aged 26 to 35 are near or at the median first-time home buyer age3. The demand from these younger buyers will keep the market hot, especially with incomes projected to increase by 3.3%4. With additional cash in their pocket and mentalities shifting, millennials are ready to move into the next phase of their lives in their ideal home.
Here are three increasingly popular types of homes buyers are looking at in 2022 and the features they expect in each:
Single-family build-to-rent homes have seen tremendous growth in recent years. In fact, the third quarter of 2021 boasted its highest volume on record, a 17.5% increase5 compared to the previous four quarters. And, more than one-third6 of all U.S. rental properties are single-family homes, the highest percentage since 1965, with another 13 million7 rental households expected to be added by 2030.
For many, the draw to a build-to-rent home is the affordability.8 Renters, especially young families,9 can enjoy the privacy of a single-family home without needing to save for a down payment. Plus, they aren't responsible for paying the yearly property taxes that typically fall to a homeowner.
Two important amenities to renters, according to Apartments.com,10 include granite countertops and stainless steel appliances. Adding an appliance with a fingerprint-resistant finish, like the WhirlpoolⓇ Dishwasher with Fan Dry, keeps the kitchen looking spotless to help support the low-maintenance lifestyle renters are looking for.
Tiny and Small Homes
As the total number of homes on the market begins to climb back up, smaller homes are gaining a larger share of the inventory. The share of homes for sale between 750 and 1,750 square feet jumped to 36.3%11 in July 2021, up from 30.2% during the same time a year prior. With the increasing12 amount of millennials buying homes, and baby boomers looking to downsize, the tiny house market is predicted to rapidly expand13 once again.
With less square footage, it's important to utilize every single inch to ensure buyers have what they need in their home. Smaller appliances that offer the same functionality of a larger appliance are a must for these spaces. Stock the kitchen with a compact refrigerator such as the WhirlpoolⓇ 24-inch Wide Bottom-Freezer Refrigerator, for example, which is built slimmer with a freezer on bottom to take up less space. The WhirlpoolⓇ 24" Adaptive Induction Cooktop efficiently cooks dinner, and can also be used as extra countertop space because the cooktop itself doesn't get hot due to the direct transfer of heat. And, the WhirlpoolⓇ Panel-Ready Compact Dishwasher with Stainless Steel Tub has cycle options to match any need and blends in seamlessly with cabinetry.
The term barndominium, or "barndos" for short, is exactly what it sounds like: the combination of a barn and a condominium. It encompasses both barns that were converted into a condominium-style14 living space, and new builds designed to look like a converted barn. They're certainly not new, but have become more popular15 than ever.
Barndominiums have a signature look16 that attracts buyers: durable, metal or hybrid metal-wood construction with a residential-style roof, windows, doors and even a porch. This construction creates tall, vaulted ceilings with an open-concept layout. But, the charming rustic aesthetic isn't the only selling point: they use less expensive building materials, resulting in a more cost-effective17 space than a traditional home.
The increased energy efficiency is another added benefit of these properties. According to the 2021 Builder Outlook Report18 from the National Association of Home Builders, buyers are more concerned with energy efficiency than ever before. For buyers interested in barndominiums because they save energy, make sure to include energy-efficient appliances to match. The WhirlpoolⓇ ENERGY STAR® Certified Dishwasher with 1-Hour Wash Cycle can thoroughly clean dishes in just an hour, while exceeding government standards to help save money on utility bills.
For additional details about our appliance offerings, contact a sales rep today. Keep up with other trends and news in your industry by visiting The Trade Channel page.