Housing affordability is at its worst in 10 years, thanks to the rise in mortgage rates, which hit their highest level in seven years last month. But, according to Porch.com, homebuilding permits hit their highest level since 2007, indicative of what could be a major housing boom for millions of Americans.
Given new technologies and the shifting needs of Americans, these new homes may take on a different look than what we’re traditionally used to. For instance, Lennar, the largest builder of homes in America, recently became the first company to prewire its new constructions for Wi-Fi compatibility. The company also announced that Alexa, Amazon’s smart digital assistant, would be built into every new home moving forward.
The folks at Porch.com gleaned what we can expect from our homes in the future using census data from 1999 through 2016, predicting what houses might look like as far away as 2036. Here is what they deduced:
- In 2036, less than 17% of new homebuilds will feature decks. Instead, over 82% will include porches instead.
- In 2006, 86% of homes were purchased with conventional financing—but in 2036, buyers have more options. 12% of homebuyers will pay in cash, and only 57% will opt for conventional financing.
- Less than 28% of homes in 2036 will have fireplaces, and more than 86% will have a 2 or 3 car garage
- While houses are getting bigger, lot sizes are getting smaller—the average size for a house in 2036 will be nearly 3,000sq ft, compared to 2,000sq ft in 1999. The lot size? Only 29,000, down 10k from 1999.
- 100 percent of new homes will contain central air conditioning.
Check out the entire study HERE.