Average cost of new home jumps from $170,000 to $430,000
Before the coronavirus outbreak, the homebuilding industry was seeing a trend among new homebuyers looking for smaller, simpler spaces. However, the past year and a half has changed the way many people use their home, and in the process, it has changed home buying and, subsequently, the cost of new home.
Fulton Homes, Arizona’s largest privately owned and operated homebuilder, has seen the average cost of a new home rise from $170,000 to nearly $430,000. Buyers’ decisions about their future homes are contributing to this increase. They are moving away from the smaller home trend and instead are designing spaces they plan to spend a significant amount of time in, whether that space is for personal use or an in-home office.
“Comfort has become an important mainstay to our buyers,” said Doug Fulton, CEO of Fulton Homes. “The pivot to remote and hybrid work has created an additional need for in-home spaces that traditionally haven’t been part of the average home design.”
The work from home trend has sped up exponentially because of the pandemic. Offices closed, and many have had to push back reopening. Meanwhile, some have shuttered permanently to take advantage of the lower overhead that comes with not having a physical location. This led some current homeowners to address the change by reimagining their space and creating temporary office spaces, while others have opted to include a permanent office space in their home building plans.
The average new home construction cost hasn’t just been because of a demand for more living space and the increased need for a dedicated work from home spaces. Fulton Homes reports a 30 percent increase in upgrades where buyers have opted to personalize their home further at the Fulton Design Center.
Fulton Homes already come with features like maple cabinets, ceramic tile flooring in kitchens and bathrooms, granite countertops and appliance packages. However, buyers have been opting for upgrading their cabinets and surfaces to fit their personal styles while opting for cutting edge technology and top-of-the-line appliances to make their new home as comfortable and functional to their needs as possible.
Like working from home, virtual learning has also created a demand for more space within households. Families need functional areas for children to focus, whether it is to catch a class on Zoom or to continue their studies from in-person learning. And multigenerational families are investing in larger, more customized homes. One in six Americans are now living with parents, grandparents, or other relatives according to advocacy group Generations United.
Fulton Homes offers a variety of customizable floor plans ranging from 1,595 – 4,732 square feet and accommodating two to seven bedrooms. Buyers can visit the Fulton Design Center and work with knowledgeable designers to create their ideal space or browse appliances, select flooring options, customize their countertops in the granite room, reimagine the cabinetry and more.
To learn more about Fulton Homes, visit www.fultonhomes.com.