While Millennials have been slow to throw their hats into the homebuyer’s ring until recently, their influence on the housing market is felt in another important way; their parents are buying and maintaining multi-generation homes.
Meanwhile, a segment known as DINKs (“Dual Income, No Kids”) continues to dominate the housing market.
“The single largest buyer group in the [Las Vegas] market is still couples without kids,” says Jen Haack, Las Vegas Marketing Manager for KB Home. “There has been a bigger change, though, in the presence of adult children [18 and older] in the household, up 8% from 2012 to 2015 in the Las Vegas market.” In other words, millennials living with their parents is beginning to be somewhat of a trend attributed to student debt and delayed marriages.
Adds Ms. Haack, ”KB Home sees a higher than market representation of couples with multiple kids as our floor plans offer numerous, comfortably sized bedrooms, [a] personalized selection of interior finishes, are in safe neighborhoods that are convenient to work and have a sense of community within the neighborhood, which greatly appeals to family buyers.”
Ms. Haack continued to say, “Some of the biggest changes we have noticed in the last five to ten years is a complete shift away from plans that have separate, more formal spaces, to large, open spaces with minimal walls and separation. Homes with downstairs bedrooms and bathrooms private to the bedrooms have increased in popularity significantly as well – likely due to the increase of multi-generational families and adult children living at home. KB Home has created some truly affordable junior suites and structural options for multi-generational families that allow them the cost savings of sharing a home with the privacy of their own space that have been incredibly popular for buyers of all ages; from younger buyers that want to share the cost of homeownership by having roommates to the more experienced buyers who are planning for their parents to live with them or their adult children to return home until they can save up some money for a place of their own.”
“Another big change,” she says, “is the way people search for a home, new or used. More and more people are using the Internet every day. Savvy shoppers are doing more research than ever before and making more informed decisions on the benefits of new home ownership over used homes.”
There are so many benefits to buying a new home that it is becoming increasingly preferred among homebuyers. According to Ms. Haack, “Attributes such as energy efficiency, ability to personalize their home, lower maintenance costs and better, more open floor plans are among the top reasons buyers choose new homes over used homes.”