Industry Snapshot: Millennials Most Likely to Buy Within Next Year
November 26, 2019
Industry Snapshot is our monthly round-up of news stories related to the residential home building industry.
This month we learned millennials are the most likely age group to buy a home within the next year, a townhome resurgence could be in the works and more colorful kitchens in rose, green and blue are coming to a kitchen near you.
Millennials most likely to buy homes in next year. Millennials are the most likely to buy a home in the next year according to NAHB’s latest Housing Trends Report. They’re followed by Gen Xers and Gen Zers. Meanwhile, only six percent of boomers plan to purchase a home within the next year. [NAHB Now]
More residential skyscrapers are being built. A new report from RentCafe found that developers are building up instead of out. Mid- and high-rise construction has gained in popularity since 2010, with the share of mid-rise apartments at 41 percent today, and the share of high-rise at 11 percent (compare that to six percent and two percent, respectively, in the 90s). [Housing Wire]
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Boomers are fueling the urban apartment surge. According to the Urban Land Institute’s latest Emerging Trends Report, urban growth has come from two distinct age groups, but it’s the empty nesters who have really shown up. Over the last decade, the urban population of 20- to 29-year-olds grew by 4.7 million, while the number of 55- to 64-year-olds living downtown grew by 10.3 million. [Curbed]
More multifamily housing needs smart tech. A survey from Xfinity Communities says that integration of smart technology into multifamily housing is quickly becoming a necessity. Survey respondents — made up of property managers, developers and owners — indicated they have fully adopted, are still implementing or plan to adopt smart locks, smart thermostats and more. [Housing Wire]
Talking about a townhome resurgence. Townhouse construction was relatively flat in the third quarter of 2019 and could be nearing the end of a recent slowdown according to an NAHB analysis. “Given the demographics of renters entering the for-sale market, ongoing land constraints, and the growth in demand for walkable neighborhoods, the market share for townhouse construction is set for further expansion in coming years…” NAHB Chief Economist Robert Dietz said. [NAHB Now]
Will kitchens be more colorful in 2020? The colors of the year according to different sources — from rosy pinks to moss greens — suggest next year will bring more colorful kitchens, at least to model homes and decorating sites. At the same time, natural wood cabinets are showing up in ash, walnut, pine and other subtle-grained woods. [The Independent]