The National Association of Home Builders (NAHB), which is celebrating National Homeownership Month in June 2013, is telling young people why the time is right to buy a home. One important reason, NAHB said: U.S. homebuilders are building homes with the features Gen Y buyers are looking for.
One such feature is energy efficiency. In a 2012 survey, more than 80% of home buyers born in 1977 or later said they'd rather buy a home built for high energy efficiency and long-term lower utility bills rather than a less expensive home without energy efficient features. NAHB pointed out that homes being built now can come equipped with Energy Star-rated appliances. Tankless water heaters and more efficient HVAC systems can cut energy use and save utility costs. Other efficiency features can include windows, doors, and insulation that better control the home's interior climate.
Gen Y buyers favor media and game rooms over other specialty rooms. New homes are now being built with these spaces, and can be built with electronic and wiring components to accommodate HDTV, full-house sound systems, and hard-wired fire and security alarms.
Maintenance is also less expensive for new homebuyers, NAHB said. An NAHB study found that homes built before 1960 have average maintenance costs of $564 a year. A home built after 2008 averages $241.
"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.
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