Buying a single-family home is incredibly challenging right now for young people.. House prices have skyrocketed, especially compared to how much their parents paid for their homes. Just how much have prices risen? According to the National Association of Realtors, the average price of an existing single-family home was $400,000 in 2023. That price point is far too steep for young, potential homeowners just starting out.
So, what’s the alternative? For many young people who want to begin building equity in their homes, a multi-family development is an affordable alternative to a single-family home. These developments, like multi-story condo or apartment buildings, triplexes, duplexes or townhomes, are becoming very popular. In the first half of 2024 alone, 265,000 multi-family units were completed. The rise in new construction of these developments shows that many people are recognizing the benefits of multi-family living and considering it a viable alternative to single-family homes.
What are the advantages of buying a multi-family unit?
- Lower prices: One of the most significant advantages of buying a multi-family unit is the lower cost. According to a 2023 Multifamily Market Report by CBRE, the average price per unit in multi-family sales ranged from $230,000 to $270,000, with the price per square foot varying from $150 to $300, depending on the location. For first-time home buyers who can’t afford a more expensive property, that’s an affordable starting point to help them become homeowners and start building equity.
- Ease of access: Single-family homes in densely populated and sought-after locations can be too expensive for many young buyers. Multi-family developments are a more affordable solution, so they don’t have to sacrifice living in their dream location near their desired amenities.
- New and luxury amenities: The surge in new multi-family construction means that first-time home buyers can enjoy modern finishes and amenities that might be out of reach in a single-family home. Whether it’s state-of-the-art appliances, sleek design elements, or upscale communal spaces, multi-family developments are increasingly equipped with features that enhance quality of life.
What plumbing and HVAC benefits do you get in a multi-family unit?
As a plumbing and HVAC firm specializing in multi-family construction, we firmly believe these units are the new way forward for young homeowners. They are more affordable, make living in a popular or expensive location easier, and come with newer and luxury amenities than most affordable single-family homes. But from our perspective, what are a multi-family unit’s plumbing and HVAC advantages? Let us share a few:
- Air conditioning: Most U.S. households have some form of air conditioning, whether a built-in HVAC system or a wall unit. But how well do they work? Older single-family homes often have outdated HVAC systems, so the AC is not going to be as effective as it could be. In new multi-family developments, like the kind we build, the latest air conditioning and HVAC systems are installed to ensure optimal comfort for all tenants.
- Luxury finishes: Upgrading plumbing with luxury finishes in a single-family home is not cheap or doable for many young homeowners. But in a newly built multi-family unit, it’s a lot easier to buy a unit with luxury plumbing finishes and amenities already installed.
- Efficient systems: Most new multi-family buildings install highly efficient plumbing and HVAC systems. These systems are designed to maximize energy efficiency and reduce utility costs for residents. Newer multi-family units can feature state-of-the-art systems with better performance and lower environmental impact than older systems in single-family homes. These features are a significant selling point for young homeowners who are used to smart home technology and who value energy efficiency.
As single-family home prices continue to climb, multi-family developments are an appealing alternative for young homeowners. With lower prices, easier access to desirable locations, and attractive amenities, multi-family units can be a great way for first-time buyers to enter the real estate market and begin building equity as homeowners. We’re proud to be an industry leader in multi-family plumbing and HVAC services in the Intermountain West, and we love to see how young homeowners are with their new multi-family homes.
