Suburbs Are The Place To Be

 The National Association of Home Builders NAHB recently did a survey that revealed 25% of home buyers have changed their home buying preferences due to COVID-19. The survey found that home buyers are looking to the suburbs because of the health crisis. Thiry percent of buyers are seeking a home in the outlying suburbs. Before the pandemic, only 26% of home buyers wanted to purchase a home in the suburbs.

This does not bode for other locations. All of the other location points saw no change or small declines in buyer's preferences after the onset of COVID-19. Rural areas went from 24% down to 23%, downtown in a central city, dwindle from 12% to 11% and those who desired a home in the central city outside of downtown remained at 9%.

Buyers should enlist the help of a Realtor. A local sales agent will know the suburbs and can help you find the perfect home of your dreams. They will be able to help find a home in the perfect community for the perfect price.

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New Homes Are Popular With Millennials

Many potential home owners have many different preferences when it comes to buying a home. According to the NAHB Economics team, millennials show an increase in interest in new homes built for sale and offered by a builder.

Statistics show that between 2007 and 2018, millennials who desired to purchase a new home, went

from 28% to 41%. Existing homes stayed around 40% in the 11-year time span and custom-built homes fell from 37% to 18% during the same time span.

The data shows that millennials, at 41%, are the first in the running when it comes to wanting a brand new home offered by a builder.  The next generation for this preference was seniors coming in at 31%. The bottom two were baby boomers at 29% and gen x at 28%.

Several factors play into the desire for new homes for millennials. They want to live in the central city, which is opposite for the majority that still want to live in the suburbs. Millennials want a set of

amenities that are not necessarily custom such as trash compactors, wet bars, built-in kitchen seating and an exercise room. Millennials are okay with smaller homes on smaller lots if they are able to get what they want in amenities and finishes.

Other data that was reported in the study looked at existing homes and custom homes built on owned lots. When it came to existing homes, baby boomers were the highest at 48%, gen x at 47%, seniors at 43% and millennials came in last at 41%. Those that desired a home custom built on an owned lot all hovered between 18% to 27%.


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Land in Louisiana Still Available for Building One-Story Homes

New Orleans is a big city with many surrounding suburbs, and even though it is a populous area, there is still a lot of land in Louisiana on which to build.  The area is less dense than many cities across the country with very little land constraints.  No wonder the US Census Bureau’s Survey of Construction (SOC) reported that in 2015 that single-story new construction homes in Louisiana were the highest in the nation.

The SOC is a monthly and annual report that is organized by the National Association of Home Builders (NAHB) that surveys important information corresponding to the homebuilding industry.  Examples of data gathered include start and completion dates of new homes for sale, new homes sales prices, square footage of new houses and the number of bedrooms in new homes built. The SOC is an important factor in determining where the country’s economy stands.

Nationwide the data found that 58% of new construction houses built in 2015 were two or more stories and 42% were one story.  The country is divided between ten divisions, Pacific, Mountain, West North Central, West South Central, East North Central, East South Central, New England, Middle Atlantic, and South Atlantic. In the Pacific division 69% were two or more stories, in the Mountain only 47% were two or more stories, in West North Central 52% were two or more stories, in West South Central only 45% were two or more stories, in East North Central only 49% were two or more stories, in East South Central 58% were two or more stories, in New England 84% were two or more stories, in Middle Atlantic 80% were two or more stories and in South Atlantic 66% were two or more stories.

The Northeast had the largest number of two or more stories being built in 2015 due to high density with little land which made lot prices very expensive.  Luckily Louisiana which is in the West South Central division has reasonable lot prices making it an attractive place to buy a lot and then build a new home.  If you happen to live in St. Tammany Parish in Southeast Louisiana, Ron Lee Homes, a new, custom home builder, designs and builds new homes to your specifications on lots that we own, lots that you own, or lots that you may be interested in buying.  Land in local subdivisions is plentifully available for new home buyers interested in building their own home.  We can even make recommendations as to where you might want to build depending on your life situation, finances, and housing requirements.  Contact Us Today to get started talking about building a new, custom home on a local homesite.  Call 985-626-7619 or E-mail Info@RonLeeHomes.com.


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