In the Spring 2008, the NY Times commissioned a study to learn how the real estate market and economy may be affecting people’s attitudes towards buying a home. Their study skewed young, affluent, and New York/Metro area (with roughly 250 NY participants). It was also conducted in two-stages with the online study portion first and a follow-up interview second. They concluded the study with Five Core Insights, with the following two points relating to environmental concerns:
- 93% of all home buyers, both nationally and in the NY Metro area, ARE NOT willing to PAY MORE for green or energy efficient features when building a home.
- Consumers said that green features that save them money, such as energy efficient appliances, are important, while green features that are capital-intensive are less important.
So what’s to explain with these insights? It could be that young buyers think they don’t need to pay more for green features, but I doubt it. I think what we’re seeing here is that in a tougher real estate market, the pocket book comes first, and the environment comes second.
What does that mean? For one, we probably need to do a better job making green features more economical. For two, maybe we need a Green MTV Cribs (you’ll have to read the entire study to get that).
[+] Five Core Insights [PDF - NY Times]
Article tags: residential