Buyers Of Newly Built Homes Spend Big Money On Furnishings

July 13, 2017

People who just bought a big newly constructed home need some stuff to put in it.

NAHB examined what home buyers purchase after moving, comparing three groups: Buyers of newly built homes, buyers of existing homes, and non-movers.

New home buyers spend $3,778 on furnishings during the first year after closing, a figure 70 percent higher than existing home buyers ($2,258) and more than five times higher than non-moving homeowners ($708).

Buyers of new homes need living room chairs and tables, and dining room and kitchen furniture. In many circumstances, non-movers may have had functional furniture for years and don’t need upgrades, and buyers of existing homes may just inherit large, bulky items that the previous owner didn’t want to move.

The biggest ticket item for new home buyers is sofas, with an average spending exceeding $700 during the first year after moving. This is 60 percent higher than the amount spent by buyers of existing homes and 6.4 times higher than what non-moving owners typically spend on sofas per year.

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