Age-in-Place Homebuyers Seek More Square Footage
As the housing market continues its recovery, homeowners are increasingly seeking more square footage while simultaneously looking for more accessibility inside and outside of the home. These findings are from the American Institute of Architects (AIA) Home Design Trends Survey for the first quarter of 2015, which focuses specifically on overall home layout and the use of interior and exterior space. All of the data can be accessed through this infographic.
“An increase in home square footage with the rising popularity of accessible design concepts points to a population that is preparing to age-in-place, or, perhaps, is anticipating responsibility for caretaking of older relatives in the future,” says AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “As homeowners prepare to stay in their current homes, investment in outdoor living spaces has also increased.” The survey further demonstrates gains across all major housing sectors, except for new construction. “The lag in new construction, taken together with the increases in remodeling, may be another indicator of homeowners wanting to remain in their current residences for the long haul,” according to Baker. “The fundamentals of the economy demonstrate steady progress, with incomes continuing to stabilize, as illustrated by the survey’s positive findings,” Baker adds. “Business conditions at residential architecture firms continue to show solid gains, as billings, new design contracts, and inquiries for future project activity are all improving.” To view the survey's results, visit www.aia.org.