What’s worth the cash
When it comes to housing amenities, buyers are putting their money where their mouth is. In fact, according to a new study, some Americans are willing to pay $100 or more per month just to have certain features in their home or property.Verify your new rate (Aug 14th, 2020)
Housing amenities worth paying for
According to a new survey from Porch.com, Millennial buyers are the most likely to shell out the big bucks for their must-have amenities. And many of those amenities? They’re convenience or comfort-related.
A private backyard or patio, for example, came in up top, with Millennials willing to pay a whopping $7,009 more for a home that has one. Other amenities worth serious cash according to Millennials? That’d be a swimming pool ($6,346), central A/C and heating ($6,194) and solar panels ($5,469.) Millennials were the most likely to pay a premium for this eco-friendly amenity.
Generation Xers largely preferred the same amenities, ranking a swimming pool and private patio/backyard at the top. Other amenities popular with this cohort were a guest bedroom ($5,534) and good views ($5,832).
Baby Boomers tend to be the most frugal of the bunch. The most they’d pay for an amenity is an extra $5,650 — and that’s for a swimming pool. Next up is a good view ($5,183) and a private backyard ($4,664).
Home buying budgets by generation
The study also looked at project homebuying timelines and budgets for each generation. Surprisingly, Boomers came in with the lowest anticipated budgets at $166,049. Generation Xers came in at the middle of the pack with a budget of $171K, while Millennials topped out at nearly $193K. It’s important to note that all of these budgets are well below the current national median home price — which according to Remax is over $258,000.
The majority of respondents said they plan to buy a home within the next five years, though those looking at buying in suburbia were more likely to buy sooner.
“People living in suburban areas were closer to owning homes than anyone else,” Porch.com reported. “More than one in four estimated it would take two years or less before they were ready to purchase a home, and more than one in 10 had plans within the next three years to do the same.”Verify your new rate (Aug 14th, 2020)
Get today’s mortgage rates
Not sure what you’re willing to pay for certain housing amenities? Shop around and see what rates you qualify for first.Verify your new rate (Aug 14th, 2020)