During National Homeownership Month in June, the National Association of Home Builders (NAHB) is telling young people the time is right to buy a house, and that the nation's builders are building the homes they want.
"As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires," said NAHB Chairman Rick Judson, a home builder and developer from Charlotte, N.C.
More than 80 percent of Generation Y home buyers—people born in 1977 or later—said in NAHB's 2012 consumer preference survey they prefer a highly energy-efficient home that results in lower utility bills during the home's lifetime over a lower-priced home without energy-efficient features. Today's new homes feature Energy Star-rated appliances; windows, doors, and insulation that better control the home's interior climate; and other modern components such as tankless water heaters and HVAC systems that save costs on utility bills.
And cost-conscious young buyers will be happy to hear that a new home actually costs less to maintain than an older home. An NAHB study found that homes built before 1960 have average maintenance costs of $564 a year, while a home built after 2008 averages $241. Plus, mortgage rates are still very low, bolstering affordability for home buyers.
Generation Y buyers favor media and game rooms more than any other specialty rooms for their next home. New homes today not only contain these spaces, they are outfitted with the state-of-the-art electronic and wiring components that can accommodate high-definition televisions, full-house sound systems, hard-wired fire and security alarms, and more.