news-record.com

Today’s young adults are just as motivated to own a home as their parents and grandparents before them, according to recent studies from the National Association of Realtors and National Association of Home Builders.

Generation X families — young adults ages 31 to 45 — are likely to lead the homebuying recovery as it progresses, according to NAHB. These potential homebuyers are most likely to think it’s a good time to get off the fence, and they have strong opinions about the design features that will be included in their new homes.

At 32 percent of the population of homebuying age, generally defined as those who are at least 30 years old, the Gen X population segment isn’t the largest, but it’s the most mobile. In sharp contrast, even though they constitute 41 percent of prospective homebuyers, baby boomers continue to wait for the market to improve, and their decisions to delay retirement also delays their decisions to downsize.

In a recent study commissioned by NAHB, most of the surveyed 10,000 buyers and potential buyers in 27 metro areas were optimistic about a new home purchase. Between 85 percent and 89 percent said this was a good time to buy a home. Only 13 percent said they thought home prices would continue to fall, further evidence that it’s “not all about price.” They want something compelling, from a design or personalization standpoint.

It’s also interesting to note that though the average home size is shrinking, a majority of prospective buyers said they would like a bigger home than the one they have. “These are first-time buyers or younger families looking for more room to grow,” it was reported from the survey.

And while community amenities are important to Gen X buyers, 46 percent said they prefer a home in a large-lot, suburban development versus the 21 percent looking for a traditional or “walkable” neighborhood.

Jim Woodard writes for Creators Syndicate, www.creators.com.