As the housing industry celebrates New Homes Month in April, millennials say their housing preferences have changed due to the COVID-19 pandemic. More than a third (36%) of millennials are now in favor of a larger home and home builders are responding to this trend.
According to the Census Quarterly Starts and Completions by Purpose and Design and National Association of Home Builders (NAHB) analysis, the median size of new single-family homes in 2021 was 10% higher since the Great Recession (2009) at 2,303 square feet. The shift aligns with NAHB’s home buyers’ preferences analysis, which shows millennials and Gen Xers prefer more bedrooms and are also interested in exercise rooms and home offices.