Green homes are seen to be expensive upfront but the long-term cost savings are now beginning to pay off. This is according to the new Dodge Data & Analytics study. The findings reveal a strong trend towards building more green homes.
- At least 16 percent of new construction homes are built green and 16 percent of remodeling projects are green.
- It is projected that by 2020, up to half of all home builders and a third of all re-modelers will be building sixty percent of their projects green.
One of the main reasons for this is the incremental cost of ‘going green’ is down to 5% over a high of almost 60% in 2011. That’s a much easier hit for the buyer to take and the benefits are seen to outweigh such a small cost. “…these findings suggest that attention to healthier homes may offer an even higher gain (than commercial) for green in the residential market, especially as consumers become better informed about the features that make homes more sustainable and healthier, and begin to demand them.” Says Steve Jones, Senior Director of Industry Insights at Dodge Data & Analytics.
One of the interesting finding of the study was that it is the 55 and older set that are driving the demand and not as expected from millennials entering the housing market. That means this is a trend that will only accelerate in the coming years.