Downsizing is so 2016! Interestingly enough, current housing trends indicate that buyers are now looking for bigger homes with more space instead of smaller, more compact houses. They’re skipping the traditional starter home and moving right into bigger homes in Windsor and surrounding areas with larger price tags and millennials are a big part of this shift.
The Data:
Census data from Zillow shows that the median square footage of new homes is up by 20% since 2000 from about 2,000 square feet to 2,500 square feet. According to sociologists studying suburban migration and culture, there are several factors that impact the shift in housing trends and the strength of the national economy is one of those factors. Over the past few years, the economy in North America has continually improved and is now offering much more opportunity that it did in the past when it comes to investing in property.
Pop culture can also play an interesting role in this shift. The homes we see in reality tv shows and blockbuster movies are huge! Think back to the last time you watched a house hunting show on HGTV. Chances are the couple refused to settle for less than 4 bedrooms and 3 bathrooms. Watching tv can make it seem like everyone wants something bigger and better than the once-traditional starter home. What’s interesting is that this isn’t all a big accident or coincidence. Home design shows invest in extensive market research to better understand what’s happening in their viewer’s lives so they’re not caught showing options that aren’t relevant to today’s buyers and economy.
A recent study for Scripps Network (Food Network, HGTV etc) revealed that younger buyers (25-39 year old adults) are starting to put a bigger emphasis on space. 56% of millennials said that having a large home is important to them compared with 42% of Gen Xers and only 35% of Baby Boomers.
There’s no doubt that millennials are connecting with brands and products on an entirely different level than the generations before them and this affects their buying habits. They want their belongings to tell a story so their space becomes a personal sanctuary and something they can control despite the chaos whirling around in the outside world.
Gone are the days of closed off rooms and rigid spaces. A serious home design trend is currently happening right before our eyes. This shift away from stuffy traditional design to a more casual lifestyle is something that sellers in this market seriously need to consider.
Does the style of your home reflect these emerging trends?
