Say goodbye to the idea of a “forever home.” No, I’m not talking about taking home a rescue pup. Instead, I’m referring to the antiquated idea of buying that dream house and living there forever. A recent community survey from Taylor Morrison shows that over half (56 percent) of homeowners no longer believe in the forever home.
To get these results, Taylor Morrison employed Wakefield Research to survey 1,000 U.S. adults who purchased a home in the last three years, or who are likely to purchase a new home in the next three years. While the study focused on homeowners of all ages, it was clear that millennials (the next gen of homeowners) are way beyond the forever home trend. Fifty-eight percent of millennials believe that the forever home is dead, and expect their home to evolve as their life does. From a growing family to a new job or a lifestyle change (buh-bye bar scene, hello golf course!), millennials want their living situation to be adaptable. According to the survey, a third of Millennial buyers intend to live in the next home they buy for less than 10 years, and 80 percent are equally or more interested in a newly constructed home over a resale home.
The following infographics offer a bit more insight into the survey:
Source: Taylor Morrison