A lot of people have bought their first homes in recent months, taking advantage of low interest rates and housing prices that fell during the recession.
Many more will be buying in the next year or two, according to a survey of renters conducted for the National Association of Home Builders: 18 percent said they would be moving within 24 months and planned to buy a house.These potential first-time buyers have a median age of 31 years and a median income of $42,000, which is substantially higher than the income of renters who have no current plans to buy.
What are these potential buyers looking for in a house?
- A one- or two-story brick house with 1,900 square feet of space, but not necessarily a basement. The two most important factors are the quality of workmanship in the house and the neighborhood.
- Inside the house, potential first-time buyers were not willing to trade bedroom space for a larger bath or family room. But a large family room took precedence over a dining room or a large living room.
- Considering various kitchen-family room arrangements, the strongest preference is for a division between the two rooms that leaves a visually open space. The features most wanted in the kitchen are countertop space and a walk-in pantry. Half would like a romantic bay window, but not at the expense of much-coveted counter space.
- The most notable fact about bathrooms is that renters, often crowded into one bath, want more bathrooms in a home of their own. Forty-six percent want two baths, but 40 percent want 21/2 or more.
- Asked to rate amenities they wanted on a scale of 1 to 5, with 5 being the most desired, the potential buyers show a distinctly practical tilt. They put a washer and dryer at the top (4.25 out of 5), followed by linen closets (3.9), an additional bathroom (3.88), central air-conditioning (3.77), walk-in closets (3.52), a microwave oven (3.45), a dishwasher (3.41), a pantry (3.33), a security system (3.20), and a fireplace (2.84.)- Most want wall-to-wall carpeting almost everywhere - in the living room, family room or den, bedrooms and hallways. Almost 40 percent also want it in the dining room.
Renters were generally realistic about what they could afford in a house.
Those looking at more expensive houses - $150,000 and up - were heavily clustered in the Pacific West, the Mid-Atlantic states and New England. Housing prices in all three areas far exceeds prices in the South and the Midwest.