More than 50% of U.S. households today have no more than two people – and many now want a smaller home – but one with upscale amenities and expensive finishes.
NEW YORK – Jewel-box homes – small properties packed with amenities and costly finishes – are seeing higher demand as more than half of all households now consist of single people or couples, according to U.S. Census data.
An analysis by Home Innovation Research Labs, a subsidiary of the National Association of Home Builders, showed a nearly 20% jump in the number of new-construction luxury homes at 3,000 square feet or less since 2013 – an increase accompanied by a decline in larger-size, high-price homes.
“Empty-nesters want to downsize, but they want luxury homes, not starter homes – luxury kitchens, marble surfaces, all the latest and greatest,” says Builder Homesite CEO Tim Costello. Meanwhile, many younger homebuyers don’t want to deal with the cost and headaches of maintaining a large house.
However, it can still be difficult to find new-construction homes that fit the jewel-box profile, but more builders are catching on and starting to offer them.
Source: Wall Street Journal (12/11/19) Gamerman, Amy
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