Housing Trends: “Empty-Nester” Boomers Are Now Downsizing To Luxury “Jewel-Box Homes” (WSJ)

From a Wall Street Journal online article:

The single-level home has high windows and travertine floors throughout. Photo by Amy MIKLER FOR THE WALL STREET JOURNAL
The single-level home has high windows and travertine floors throughout. PHOTO: AMY MIKLER FOR THE WALL STREET JOURNAL

The jewel-box home—small, but loaded with amenities and costly finishes—is luring more home buyers. An analysis by Home Innovation Research Labs, a subsidiary of the National Association of Home Builders, found that the number of new-construction luxury homes at 3,000 square feet or less has increased nearly 20% since 2013—with a corresponding decline in larger-size, high-price homes.

Changing demographics might be driving the trend. More than half of all households now consist of single people or couples, U.S. Census Bureau data shows—with traditional nuclear families accounting for just 20%.

“Empty-nesters want to downsize, but they want luxury homes not starter homes—luxury kitchens, marble surfaces, all the latest and greatest,” said Tim Costello, CEO of Builder Homesite, a consortium whose New Home Source website—an online clearing house for new-construction homes—tracks home buyers’ preferences.

To read more: https://www.wsj.com/articles/luxury-homeowners-put-a-ring-on-jewel-box-homes-11576081060

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