75% of millennials would consider 3D-printed homes
As 3D-printed home technology becomes more mainstream with a 3D house being built in half the time for half the cost, a new survey from Realtor.com has found that 75% of millennials would consider living in a 3D printed home.
It also revealed that 66% of all consumers asked would think about the prospect of a printed house, whilst 30% of all respondents and 43% of millennials think that 3D printed homes will replace traditional methods of homebuilding.
The survey, which was conducted online by HarrisX in July 2021 and involved 3,026 consumers, found that 42% of respondents have heard about 3D home printing technology. That number was much higher (63%) for recent home buyers, suggesting that home searchers are doing their research when it comes to new technology.
Homebuilding industry expects younger generation to rent houses
George Ratiu, Senior Economist at Realtor.com, commented on the industry. "Over the past decade, as the homebuilding industry focused mainly on the upper-end of housing, expecting younger generations to favor renting, the price of construction has pushed new homes out of reach for many first-time home buyers.
“With the largest generation in U.S. history embracing homeownership, and the pandemic accelerating the move toward suburban markets, new home construction plays a pivotal role in meeting the growing demand. As technology is advancing novel building solutions, anything we can do to reduce the cost of new construction and increase the number of available homes, especially at an affordable price point, will help to restore balance in this strong seller's market,” he said.
What might prevent people from choosing a 3D-printed home?
However, some consumers are still wary of the technology. When asked what would hold them back from living in a 3D printed home, the most common response was that they want to wait and see how the technology will pan out over time (36%). Other responses included: preferring the aesthetics of a traditional home (22%), thinking it won't last as long (22%), not wanting their home to look exactly like the neighbors (18%), preferring an existing home to new construction (14%), and not trusting the technology (14%). 22% of surveyees said nothing would hold them back from living in a 3D-printed home.
"While the technology is still somewhat nascent, our survey data shows that consumers are very interested in 3D printed homes. While there have only been a small number of 3D printed homes sold to date, as the technology continues to advance, we could see it add more affordable homes to the housing market. For the rising generations of digital natives, new building technology may provide a sustainable bridge toward homeownership," commented Ratiu.