MOVEMENT TOWARDS LARGER HOMES: PREFERENCES AND TRENDS
During the late 2010s, home buyers wanted less space. Starter homes measuring 2,000 square feet and less were extremely popular, prompting developers to create homes with smaller footprints.
Then COVID-19 struck. With it came quarantines and stay-at-home orders. This led to remote learning for the kids and work-from-home for adults. The result? Smaller homes meant people were on top of one another.
Cramped spaces drove the search for larger homes by current homeowners. Meanwhile, renters also jumped into the scenario; those unable to afford homes in metro areas could now purchase in outlying areas and the suburbs as they no longer had to commute to work. Adding to the demand were extremely low mortgage interest rates. All of this supported a frenzied home-buying spree that began in summer 2020, and that continues to be in play today.
Research supports the fact that homebuyers are after more space, preferably with open floor plans that include walk-in kitchen pantries and closets and larger master bedroom and master bathrooms. For example:
- The Pew Research Center reported that Americans expressed a higher preference for living in communities with larger, further-apart homes.
- The National Association of Home Builders also weighed in, showing that demand has shifted from the 2016-2020 preference for smaller, starter homes to houses with more space.
- The NAHB followed up with a recent report, in which homebuyers expressed preferences for larger homes in suburban locations with outdoor amenities and enough space for home offices and exercise rooms.
- Insights from Realtor.com indicated that access to space is important to homebuyers, especially more space for less money (hence a focus on outlying and suburban areas). Realtor.com also reported that homebuyers preferred houses on large lots, cathedral ceilings and even a library.
Additionally, there are three trends driving the requirement for larger homes:
The Hybrid Office
Though businesses and corporations are bringing employees back to offices, many of those employees want to work from home at least a few days a week. This is leading to a hybrid office setup, in which workers move between the traditional office and a home work space. The kitchen counter is no longer the ideal workspace. Extra room for a home office is a must.
Larger Lots/Outdoor Space
During the pandemic, families spent more time in their backyards as city parks and outdoor activities shut down. This led to the desire for larger backyards and outdoor living rooms and kitchens. While much of society is re-opening (local parks and municipal hiking trails are operational once again), homebuyers like the idea of their own, private outdoor living and play areas.
More adults are living in multigenerational homes, because of financial and emotional factors. One-third of U.S. adults in multigenerational households indicated that caregiving of elder relatives was the reason for the arrangement. On the other hand, younger adults are also living with their parents, due to pandemic-generated economic struggles. Larger families mean larger homes.
The takeaway is that issues generated by the pandemic led to the need for larger homes with open floor plans, flexibility and plenty of outdoor space. As this trend continues, it’s anticipated that homebuyers will continues to seek out housing situated on larger lots and offering larger floorplans.
Larger, more luxurious homes with room for offices and intergenerational living is a rising trend among home buyers. Ravenna Homes and J. Patrick Homes of Houston provide just that and more in the ARTAVIA® community!
Building on 70’ wide homesites in ARTAVIA , Ravenna Homes has gained a reputation for developing high-end, spacious homes complete with one-of-a-kind luxurious interior and exterior touches, open floor plans and outstanding energy efficiencies. Ravenna Homes offers multiple floor plans to suit every family size and lifestyle, ranging from one-story domiciles to five-bedroom, four-bathroom, two-story dwellings.
Also building on 70’ wide homesites, J. Patrick Homes builds with a focus on providing buyers “The Power to Personalize” with the best options in terms of price, design, function and flexibility in designer styled homes. The floorplans offered in ARTAVIA range from three – five bedrooms in both single and two-story designs with sought after details like curved staircases, signature walk-through showers and outdoor kitchens.
If you’re in the market for a new or larger home, visit Ravenna Homes’ inventory or J. Patrick’s Inventory or find out more about ARTAVIA in Conroe, TX.