Despite Economy Most Homeowners Not Downsizing
Potential Buyers Want Efficient Use of Space to Accommodate Life Changes
BLOOMFIELD HILLS, Mich., Dec. 18, 2012
BLOOMFIELD HILLS, Mich., Dec. 18, 2012 /PRNewswire/ --Whether a millennial,
Gen Xer or baby boomer, homeowners overwhelmingly want their next home to be
the same size or larger than their current home, according to a recent
PulteGroup Home Index (PGHI) survey by national homebuilder PulteGroup, Inc.
(NYSE: PHM). This latest PGHI survey polled current homeowners on size and
feature preferences for their next home.
"It was interesting to see that 84 percent of homeowners ages 18-59 don't have
plans to downsize their next home, even among baby boomers," said Deborah
Meyer, senior vice president and chief marketing officer of PulteGroup. "The
PGHI survey results also show that today's buyers are equally focused on
smarter use of the spaces within their homes. We invest significant time and
resources in understanding our consumers, and when combined with efficient
product design, PulteGroup is able to offer homes that live bigger and can
meet consumer preferences."
Further proof that increased house size is on the rise comes from recent U.S.
Census Bureau data which indicates the average size of a newly built home was
2,480 square feet in 2011, which is an increase of 3.7 percent from 2010.
This represents the first annual increase since 2007.
More than half of millennials, homeowners between the ages of 18-34, would
like their next home to be larger than their current home with 68 percent of
those respondents saying the larger home would be used to accommodate their
growing family. Meanwhile, showing the diversity of Gen Xers, nearly 40
percent of respondents ages 35-54 want a larger home to accommodate a growing
family (37 percent) and need more room and storage space (29 percent).
One of the most interesting survey results came from baby boomer respondents.
Only 28 percent of those ages 55-59 said they want their next home to be
smaller, citing retirement and becoming an empty nester as the top reasons for
"Baby boomers are a diverse group and have a lot of desires for the home,"
said Meyer. "We're hearing this group say they want functionality and
smartly-designed homes without wasted space. This doesn't necessarily
translate into smaller homes. That's why you'll see a variety of floor plans
in our Del Webb communities from under 1,000 square feet to more than 3,000
Forget Formality, Homeowners Want More Space
According to the survey, 21 percent of homeowners ages 18-59 rarely use their
formal dining room while 17 percent said they rarely use their formal living
room. When asked to rank the most important feature in their next home,
nearly half (48 percent) of respondents want larger, open spaces, including
master bedrooms, larger rooms and open floor concepts.
When asked to rank their top five "must haves" in their next home, respondents
indicated they want:
oMaster bedrooms suites
oMore storage space
oPatio/outdoor living space
While men and women ages 18-59 agree on having a master bedroom suite, 62
percent of women said they also would like to have more storage space while 45
percent of men want more technology in the home. And, as older men (55-59)
embark upon retirement, they rank having a study/den in their top five
"Many homeowners say they can do without a formal dining and living room, and
we've seen this trend for a while," Meyer said. "House designs today are much
more open and flowing as opposed to 'fixed and formal.' While homeowners are
moving away from these formal areas, they want better use of space to create
more flex and practical spaces such as, large informal kitchen and dining
areas, expanded laundry rooms, and planning centers."
Family Closeness Still a Factor in Choosing a Home's Location
Homeowners are willing to give up a lot to get what they want in their next
home, but across all generations they don't want to give up being close to
When asked what homeowners 18-59 would be willing to give up for the "must
haves" in their next home:
o52 percent cited being close to public transportation
o35 percent said they're willing to give up being close to entertainment
o28 percent said they would give up being near parks and better schools.
However, the last thing homeowners want to give up is being near their family
with only 21 percent saying moving away from their family would be an option.
About the Survey
The PulteGroup Home Index (PGHI) survey polled U.S. adult homeowners to
understand home size and feature preferences. The survey was conducted online
by Russell Research from November 16-19, 2012 among 503 homeowners ages 18–59
across the U.S. At a 95 percent confidence level, the results have a
statistical precision of +/-4.4 percentage points of what they would be if
the entire adult population had been polled with complete accuracy. Figures
for gender, age, and geography were weighted where necessary to match their
actual proportions in the population.
PulteGroup, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is one of
America's largest homebuilding companies with operations in approximately60
markets throughout the country. Through its brand portfolio that includes
Centex, Pulte Homes and Del Webb, the company is one of the industry's most
versatile homebuilders able to meet the needs of multiple buyer groups and
respond to changing consumer demand. PulteGroup conducts extensive research to
provide homebuyers with innovative solutions and new homes designed for the
way people actually live today. As the most awarded homebuilder in customer
satisfaction, PulteGroup brands have consistently ranked among top
homebuilders in third-party customer satisfaction studies.
For more information about PulteGroup, Inc. and PulteGroup brands, go to
pultegroupinc.com; www.pulte.com; www.centex.com; www.delwebb.com.
Contact: Kelly Yoder, Office: +1-312-447-2575, Cell: +1-419-705-6707,
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