Welcome!

News Feed Item

Despite Economy Most Homeowners Not Downsizing

Potential Buyers Want Efficient Use of Space to Accommodate Life Changes

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.

Generational Differences  
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 downsizing.

"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 square feet."

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:

  • Larger rooms
  • Master bedrooms suites
  • More storage space
  • Patio/outdoor living space
  • Energy efficiency

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 must-have features.

"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 their family.

When asked what homeowners 18-59 would be willing to give up for the "must haves" in their next home:

  • 52 percent cited being close to public transportation
  • 35 percent said they're willing to give up being close to entertainment and shopping
  • 28 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.

About PulteGroup   
PulteGroup, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America's largest homebuilding companies with operations in approximately 60 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.

SOURCE PulteGroup

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...