A new home for sale in Arlington.
More American buyers want new homes rather than old ones, according to a Trulia study by economist Jed Kolko released Tuesday.
Forty-one percent of respondents in the study said they preferred new homes because of their modern features, customization options, and lower maintenance costs. To a lesser extent they also said they liked the modern construction standards in new homes, as well as being the first person to live in a home. Those preferring existing homes (21 percent) said they were looking for traditional features, established neighborhoods, and to a lesser extent they were looking for cheaper homes, homes with history, homes built to old construction standards and opportunities for remodeling. Those interests could converge, Kolko noted. (Thirty eight percent of those surveyed said they didn’t have a preference between new and old.)
“Interestingly, respondents are much more likely to mention the neighborhood as a reason to prefer an existing home than as a reason to prefer a new home,” he wrote. “This suggests that for many Americans, the ideal home might be a new home in an established neighborhood.”
New construction typically costs about 20 percent more than an existing home, according to the analysis that factored in differences in square footage between the average old home and the average new home, as well as typical locations for new homes, which tend to be in lower-priced neighborhoods. The preferences above are based on price not being a factor.
Compared to the rest of the country, the DC area is not a very hot market for new home sales. But it also doesn’t make the top 10 metros with the least new construction occurring. Raleigh, North Carolina has the most new single-family construction going on in the country, while New York City, unsurprisingly, has the least.
Note: Kolko told us that construction in the Northern Virginia suburbs, calculated as part of the metro area, are driving up the amount of new construction in DC. In comparison to metros listed in the study, single-family permits were 6.2 per 1000 housing units in DC, and multi-family were 4.8 per 1000 housing units.
This article originally published at http://dc.urbanturf.com/articles/blog/more_americans_want_new_homes_than_old_trulia_study_says/8453
Most Popular... This Week • Last 30 Days • Ever
Our guide for amateur landlords who don't really know what they're doing.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
Developments both big and small are continuing to churn throughout the Anacostia area... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
When you buy a home in the District, you will have to pay property taxes along with y... read »
A month after finding a new Virginia home, Washington Capitals forward T.J. Oshie ha... read »
While development has remained slow and steady in the Buzzard Point area, the pipelin... read »
Though the cash offered by a reverse mortgage may seem attractive, many borrowers lik... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro