Demographics of Buyers of New Construction Homes in Pittsburgh

Posted By : Aubrey mead , on Aug, 2017

 

New Construction Homes in Pittsburgh have continued to be in demand since the economy began recovering from the Great Recession. For many years, people were choosing to stay in an older home and have it remodeled rather than taking the financial risk of buying a new place. Construction of new houses is on the rise again, and many individuals are finally able to fulfill their dream of having a custom-designed place of residence.

General Age Considerations

Demographics aren’t entirely clear, but buyers of new houses tend to be in their late 30s or older. That’s especially the case with custom-designed houses instead of those with more generic floor plans. The cost is typically much higher for a new house of the same size and style as a compared to an older one in a similar location. Most individuals in their 20s don’t have enough money saved for the required down payment and don’t have high enough incomes to pay the monthly mortgage for New Construction Homes in Pittsburgh and elsewhere.

Beyond that information, it can be impossible to pigeonhole new home buyers, such as those signing contracts with a business like Londonbury Homes. Visit our website to view photos of homes that have been constructed and to find contact details.

It might seem probable that senior citizens are not frequent buyers of these houses, and although there is some truth to this, many seniors are in the market for customized new homes. These empty-nesters commonly choose floor plans with two or three bedrooms, so the size is not elaborate, but there is room for their kids and grandchildren to comfortably stay overnight.

Statistics

The National Association of Realtors reports that only about 14 percent of houses sold annually are new ones. Of that statistical group, about half of new home buyers are within the age range of 52 to 70. Only about 11 percent were younger than 37. That’s even a smaller percentage than the percentage of home buyers age 71 and older. Single men and families with children are more likely to buy new houses than single women or married couples without kids are, according to research by Zillow.

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