May
01

Who Lives There? New Housing Data Shines Light on Owners

May 01, 2012

Last month was New Homes Month and many wonder who exactly is buying new homes in Chicagoland, as well as the rest of the country.

According to the American Housing Survey, larger households are more likely to live in new homes. Nearly 22 percent of owner-occupied homes contain one person while 36 percent of owner-occupied homes contain two people. Two-person households are also the most common type of new construction, taking in 33 percent of newly constructed homes.

Family Under One Roof CartoonHouseholds of three people or more take up the majority of new home construction on a relative basis with 47 percent compared to renters and homeowners. A major aspect of this increase in new home construction is children. According to data, 44 percent of new homes house children compared to 35 percent of rental units and 34 percent of owner-occupied units.

The demographic displaying the largest share of new housing goes to people aged 30 to 44. This makes sense as these years are usually the time when parents are raising young children. Renters tend to be younger while owner-occupiers tend to be older. Furthermore, the 30 to 44 age demographic is also the age segment that uses and gets the most benefit from the mortgage interest deduction.

The mortgage interest deduction has been a source of controversy lately as many policy makers are trying to eliminate the deduction much to the chagrin of homeowners throughout the country.

While New Homes Month is over, the market is seeing a steady improvement in new home construction. As more families relocate to the suburbs to raise children and gain more living space, new home construction is poised to make a comeback.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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