Regardless which demographic group they belong to – millennial, Generation X or baby boomer – a majority of homeowners prefer their next home to be larger or about the same size as their current one, according to a survey by homebuilder Pulte Group. About 84 percent of homeowners aged 18 to 59 do not plan to downsize their next home. Further, homeowners say they are more focused on using the space in their homes better. Data from the U.S. Census Bureau confirms the trend toward larger homes. In 2011, the average size of a newly built, single-family home was 2,480, an increase of 3.7 percent from 2010.
More than two-thirds of millennials (68 percent) say a larger home would be used to accommodate a growing family, while 37 percent of Generation Xers desire a larger home for the same reason and 29 percent desire more storage space. Only 28 percent of baby boomers (aged 55-59) reported wanting a smaller home due to retirement and becoming an empty nester. Instead, baby boomers wish for smartly-designed homes without wasted space and with better functionality, the survey finds.