April is New Homes month. And while the benefits of new homes are typically thought of in terms of the house itself, neighborhoods of new homes are typically preferred by homeowners.
Citing data from the 2009 American Housing Survey, NAHB economists have developed another persuasive argument about why home buyers should give serious consideration to buying a new home in a new neighborhood rather than an existing home in an older community.
The analysis, presented in a recent post to the Eye on Housing blog, explains that, when asked to rank their neighborhood on a scale of 1 to 10, home owners have generally expressed a favorable view of their homes’ surroundings. But owners of newly constructed homes ranked their neighborhoods higher than did any other home owners. Specifically, the data show that more than 90% of owners of newly constructed homes ranked their neighborhoods as either a 9 or 10 on a scale of 1-10, versus just 65% of all home owners who ranked their neighborhoods as highly. Meanwhile, 68% of owners of newly built homes (defined as those constructed in the last four years) ranked their own homes as a 9 or a 10, versus 51% who did so among all home owners.