While first-time home buyers would previously buy smaller homes, today's first-timer buyers are purchasing more square footage, making a great change in the housing market. NerdWallet staffer Hal Bundrick reports on the trend of first-time home buyers skipping the starter stager in favor of bigger homes.
Bundrick notes that according to multiple surveys, first-time home buyers are buying with the intention of staying longer:
That trend is borne out in another survey, fielded by Bank of America in early 2016. The research found that 75% of first-time buyers would prefer to skip the starter-home stage and find a house that meets their present and future needs. And more than one-third of those surveyed (35%) said they intended to be “one and done” — actually planning to retire in their first home.