Cost Savings, Not Environment, Top Motivation for Buying Green Home
Sixty-three percent of homeowners report lowerÂ operating and maintenance costs as the key motivation behind buying aÂ green home, according to research sponsored by McGraw-Hill ConstructionÂ and the National Association of Home Builders. Nearly 50 percentÂ report environmental concerns andÂ family health as motivators.
According toÂ the study, 0.3 percentÂ of all homes in the U.S. are truly green (containing elements in three of five environmental building categories), a market sized at approximately $2 billion.
Homeowners are happy with their green homes, with 85 percentÂ happier with their new green homes versus their previous non-green ones. And they’re not shy about sharing those feelings. This finding isÂ important because 28 percentÂ of the homeowners reported first hearing about green homes through word of mouth.
The research also found that:
- The new green homeowner is affluent and well educated, in his/her midÂ forties and married, and also more likely to be from the Southern orÂ Western states.Â Women are also more likely to be green homeowners.
- The topÂ three obstacles, all hovering over 60 percentÂ of respondents, were orientedÂ around education, additional costs involved in green homes and theÂ availability of the homes.Â However, when looking at the “biggest”Â obstacles, green homeowners view education as the biggest hurdle toÂ overcome.
- Approximately half the overall U.S. homeowner population has recently done some renovation work on their home, and approximately 40 percentÂ of that population is doing so with green products.
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