Photo by Spacecrafting
With your first one, you work on it. Invest in it. Then you settle in for a while and enjoy it. Later, you make a change because you want to or need to.
What are we talking about here—a career, a relationship, a home? All three maybe. But the home—for those who choose (and can afford) to own one—is the tangible center of it all. It is often the literal investment, the security, and the stability of one’s life. It might also be the chore and the worry. (Did I turn off the oven before we left?)
The evolution of homeownership follows the track of your life, but it’s not all labradoodle puppies and job changes. Several factors affect how you buy, live in, and own a home. We’ll look at today’s big three in the evolution of homeownership.
Stay Home
Photo by Spacecrafting
From spa bathrooms and home offices to chef-ready kitchens, we spend more time in our homes today than in generations. A recent study by Pew Research Center found that about a third (35%) of workers with jobs that can be done remotely are working from home all the time. The number was higher during the height of COVID-19 (as high as 55% in October 2020). Pre-pandemic? Only 7% worked from home.
“Before 2020, I was challenging people to get rid of the home office,” says Rebecca Remick, owner of City Homes, a Twin Cities custom home builder and remodeler. “I encouraged
people to build only the spaces they would need and use. Now, bedrooms are becoming
a second home office.”
If you frequently work from home, you probably eat at home more often, too. A study
by NPD Group, a consumer trends research firm, shows sales of food storage and preservation products are soaring. People want to save those leftovers, whether from home-cooked meals or to-go entrees.
Kitchens have always been a gathering place in the home. Remick says people are prioritizing kitchen space and efficiency because they’re spending more time there. She points to design trends like butler pantries and appliance garages to clean up counter space and keep the kitchen usable.
Get Out
“The outdoor living trend is a priority for many buyers,” says Tim Devane, realtor with Rize Realty. “Whether because of children, room for pets, or for an outdoor kitchen, outdoor space is much more of a decision point for home buyers, especially above the $500,000 price point.”
In “The Future of Home Design” survey, published by the New Home Trends Institute, an open yard ranks low when compared to multipurpose options. Just 28% of respondents chose open yard space in the survey, compared with other more popular features like covered or open-air outdoor rooms (73%), patios (68%), and decks (55%). The same study shows owners increasingly favor a home with a front porch to increase community connection.
It’s not all about being outdoors. “People are putting in so many windows now,” says Remick. “Sometimes wall space for art and pictures isn’t even an option. The view outside becomes the art.” And everybody loves three-season porches, according to Remick. “With a good heater, these can be used year-round and give an outdoor feel.”
Save Money
Photo by Scott Amundson
Data from the National Association of Realtors shows that home prices in the U.S. hit their all-time high in spring 2022. Although prices have come down a bit, they’re still relatively high, and current interest rates hamper affordability. Last year, home sales declined 6.2% year over year.
Whether homeowners are buying and moving or staying in their current home, Remick says they’re looking for efficiency and cost-saving opportunities. She points to smart home technology, insulation upgrades, and new systems like a smart electrical panel that can help homeowners direct electricity use to save money.
Townhomes are an increasingly attractive home-owning option as well. Young first-time
buyers and older empty nesters like the simplicity and lack of yardwork. Builders like townhomes because they’re faster and cheaper to build. In fact, the National Association of Home Builders (NAHB) reported that townhouse construction accounted for nearly 20% of the total housing starts in the final quarter of 2023—the highest rate in nearly 17 years, according to census data.
We all want a dream home, but the reality is that real life tops fantasy. As our lives evolve, a home’s function is most important. For work and play, family, and finances, make your home work well for you.
