Builders constructing more single-story homes

Builders constructing more single-story homes

With more and more retirees choosing to age in the place, the popularity of single-family homes with only one story is growing. While two-story homes are still more popular among homebuilders and buyers, the gap is slowly shrinking. The National Association of Home Builders reports that the share of new homes with two or more stories declined from 55 percent in 2017 to 53 percent in 2018. Single-story homes increased in volume during that same period, growing from 45 percent of newly constructed homes to 47 percent.

Millennials, the fastest growing age bracket of homebuyers, have a preference for two-story homes according to the NAHB. 55 percent of Millennial respondents to a survey report wanting a two-story home compared to 35 percent who want a single-story. Meanwhile, 80 percent of Baby Boomers, not wanting to climb stairs, said they prefer to live in a single-story home.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.