NAHB Study Reveals New Homes Are More Cost-Effective

December 13, 2012

value of chicago real estate

A new study by the economics department of the National Association of Home Builders (NAHB) reveals that buying new homes is a smart, cost-effective option! Using data from the 2011 American Housing Survey, the NAHB evaluated operating costs in correlation to the age of a home to determine how buyers can make the most of their money.

Homes built before 1960 have average operating costs of $4.26 per square feet, while homes built after 2008 have average operating costs of $2.92 per square feet. This means that an older home has a yearly operating cost of just over $6,700, while a new home has a yearly operating cost of only $2,500. Homes built prior to 1960 also cost homebuyers an additional $547 in maintenance costs. According to the NAHB, homebuyers who purchase a new home can afford to pay a 23 percent premium as a result of lower maintenance costs.

Another plus of buying a new home is that buyers can select from quick delivery options available for immediate move-in, plus they can enjoy updated features and amenities such as luxury master baths or added breakfast nooks. According to Trulia, the median sales price for a Chicago home is $200,000. Currently, there are many quick-move in ready townhomes and single family homes under $200,000 for sale in Cook, DuPage and Lake Counties.

Buying new will definitely give you more bang for your buck, so be sure to check out the latest Chicago new home communities.

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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