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Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.
The National Association of Home Builders’ new report “What Home Buyers Really Want” shows that 47% of buyers say a home gym is either essential or desirable. The popularity of home gyms was already on the rise, but the pandemic accelerated the trend, bumping it up a full 20 percentage points from 2003.
While nearly half of buyers are looking for a home gym, those stats shift substantially when considering age. More than three out of every five Generation X (61%) and millennial (62%) buyers are looking for the workout space, compared to just a third (33%) of baby boomers.
Also, those paying over half a million dollars for a home cited exercise rooms as a desired amenity.
An analysis by Rose Quint, NAHB’s assistant vice president for survey research, noted that laundry rooms topped the list of top five most wanted specialty rooms, with 87% deeming it essential or desirable. That’s followed by dining room at 70%, great room at 64%, home office at 63% and separate living room at 62%.
The report noted that size matters when it comes to workout spaces. More than 70% of those looking for a home gym prefer the space is at least 100 square feet.
During the Boston condo market downturn, Gen X Boston downtown condo owners lost more wealth than other generations. However, things are changing now! A strong Boston economy, increasing Boston condo prices, and the recovery of the housing market are helping this generation to regain their lost wealth.
According to Pew Research Center,
“Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”.
The same report also mentioned,
“15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.”
As a result of Boston downtown condos regaining market value and their increasing net worth, many Gen Xers are presented with the opportunity of selling their current Boston condo for sale in order to move up to the Boston Seaport condo they always dreamed of!
According to the 2019 Home Buyers and Sellers Generational Trends Report by the National Associations of Realtors, in 2018 Gen Xers made up the second largest share of home buyers by generation at 24%.
The report also provided some highlights about their purchase:
- Greatest share that purchased a multi-generational home (16%).
- Largest share that purchased a detached single-family home (88%).
- Highest median household income ($111,100).
- Bought the most expensive homes of all the generations.
- Job-related relocation was identified as the primary reason to buy.
But this generation is not only buying- they are selling too!
- Largest share of home sellers (25%).
- Highest median household income among sellers ($123,6000).
- Tenure in the previous home was a median of 9 years.
- House too small was indicated as the primary reason to sell.
- 91% sold the home using a real estate professional.
If you are a Gen Xer who would like to know exactly how much your downtown Boston condo is worth today so you can move up to the Boston Seaport condo of your dreams, let’s get together to analyze your current circumstances