While New Houses Are Getting Bigger, Millennials Opt for Smaller, Existing Homes

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Budget-minded Millennials prefer remodeling to buying new

January 26, 2016
While New Houses Are Getting Bigger, Millennials Opt for Smaller, Existing Homes

Photo: liz west/Creative Commons.

Homebuyers between 25 and 34 years of age are nearly absent from the new-home market, a realm dominated by spacious, and expensive, homes. 

MarketWatch reports that though new houses are getting bigger (2,721 square feet on houses that started construction in 2015) and more expensive ($351,000) on average, Millennials are choosing to buy existing homes instead. 

According to a Better Homes and Gardens survey, a majority of Millennials say that a home that is customized to their tastes is a top priority.

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