First-time buyers have taken the backseat in a record-breaking housing market for two years, but despite soaring prices and dwindling supply, many market newcomers aren’t willing to sacrifice their must-have home features when making their long-awaited home purchases.
According to NAHB Eye on Housing, a laundry room ranked as the most essential home feature among 83% of first-time buyers, followed by a ceiling fan and exterior lighting, which were both prioritized by 81% of first timers. Extra kitchen space also took precedence with 80% of buyers expressing an interest in a double kitchen sink and a walk-in pantry.
The list of features most wanted by first-time buyers is similar to the list for home buyers in general, although buyers in general tend to give the features slightly higher ratings. A laundry room, for example, is number one on both lists, but is rated essential or desirable by 87 percent of buyers overall, compared to 83 percent of the first-timers. The ratings of many features tend to be positively correlated with income, and first time buyers have somewhat lower incomes (a median of $65,000, compared to $79,000 for home buyers in general).