The housing market today has presented unique challenges and opportunities for families seeking to purchase homes. Understanding these trends is crucial for making informed decisions in today’s real estate landscape, especially as economic uncertainties and changing demographics continue to reshape the market. For families considering buying a home in the Wichita area, Your Home Wichita, developed by the family-owned Schellenberg Development Company, provides a unique perspective by offering sustainable and enduring communities tailored to a range of family needs. Whether families are seeking environmentally conscious homes or neighborhoods with strong community ties, staying informed about current trends helps buyers navigate the process with greater confidence and clarity.
Rising Home Prices and Affordability Challenges
Today, the national median single-family existing-home price climbed 4.8% from the previous year to $410,100. This steady increase in home prices has made affordability a significant concern for many families, as incomes have not always kept pace with housing costs. Although a slight decrease in monthly mortgage payments has provided some relief, the overall cost of homeownership, including taxes, insurance, and ongoing maintenance, remains high. These expenses are forcing families to rethink their budgets and sometimes make compromises on the size, location, or features of their homes. With many households now spending a larger percentage of their income on housing, buyers are exploring a wider array of financing options, from adjustable-rate mortgages to down payment assistance programs. As a result, understanding one’s financial limits and getting pre-approved are more critical than ever before for prospective homebuyers.
Shift Towards Multi-Generational Living
To address both affordability and caregiving needs, more families are embracing multi-generational living arrangements than in previous years. According to the National Association of Realtors, 17% of homes purchased in 2024 were multi-generational households, the highest proportion since 2013. This shift often involves parents, adult children, and sometimes grandparents living under one roof, allowing families to share expenses and daily responsibilities. Multi-generational homes can offer a practical solution for those caring for aging family members or seeking a supportive environment for young children. Additionally, such arrangements can strengthen family bonds and create richer social and cultural connections. Recognizing this trend, homebuilders and developers are increasingly designing floor plans with private suites, separate entrances, or adaptable living spaces to accommodate extended families more comfortably. For some, the move to a multi-generational home also helps ease the transition for older relatives and children alike, offering long-term flexibility as needs evolve.
Increased Interest from Younger Buyers
Despite significant financial hurdles, younger generations are making noteworthy strides in the housing market. Today, Gen Z—ranging from late teens to mid-twenties—accounted for 13% of U.S. home mortgage applications, a notable increase from 10% in 2023. Many young buyers are driven by a desire for stability, building equity, and the sense of accomplishment that comes with owning a home. However, rising prices and higher interest rates mean that Gen Z buyers often require creative solutions to afford their first home. Some seek support from their parents or older family members.
In contrast, others explore alternative strategies, such as co-buying with friends, investing in smaller or fixer-upper properties, or purchasing in less competitive markets. These approaches enable younger buyers to overcome down payment and credit challenges. Additionally, many of these buyers are highly knowledgeable about digital home shopping tools, relying on online listings, virtual tours, and mortgage calculators to research properties and compare financing options.
Emphasis on Energy Efficiency and Sustainability
Modern families consistently prioritize energy-efficient and sustainable homes in their search criteria. Features like solar panels, high-efficiency HVAC systems, advanced insulation, and ENERGY STAR-rated appliances are increasingly sought after in both new builds and older properties being renovated for resale. The market’s growing attention to sustainability reflects a broader awareness of environmental impact, as buyers aim to reduce their carbon footprint while lowering long-term living costs. Green homes not only help conserve resources but also offer considerable savings on monthly utility bills, which is a compelling factor for budget-conscious families. Many local governments and utility companies now provide incentives or rebates for energy-efficient upgrades, further motivating families to select homes that incorporate environmentally responsible technologies and materials. As the demand for greener living rises, future resale value is also affected, as eco-friendly features become a top priority for a growing segment of buyers.
Impact of Remote Work on Housing Preferences
The dramatic rise of remote work since the early 2020s continues to shape family housing choices today. As more employers embrace flexible work arrangements, homeowners are no longer tethered to offices in major urban centers. This freedom has led to a broader preference for suburban and rural communities, where buyers can find larger homes, bigger yards, and more affordable prices. More space not only accommodates growing families but also supports the need for dedicated home offices, study nooks, or multipurpose rooms. Properties that offer strong internet connectivity, quiet neighborhoods, and proximity to parks or outdoor amenities are especially desirable to remote workers. Families can now prioritize quality of life—including schools, safety, and recreation—over proximity to workplaces, leading to demographic shifts and the revitalization of suburban markets nationwide.
Challenges for First-Time Homebuyers
First-time buyers today continue to face mounting hurdles on their path to homeownership. The median age of first-time homebuyers has risen to 40, the highest on record, reflecting the growing barriers in the market. High housing prices, mortgage rates that remain above 6%, and a persistent shortage of affordable entry-level homes have all made it more challenging for young adults and new families to enter the market. Many buyers must delay ownership in favor of renting or living with parents longer than previous generations. For those determined to buy, family financial assistance—in the form of gifts, loans, or shared purchases—has become essential. First-time buyers are also more likely to compromise on certain features, such as square footage or location, to stay within their budget. Programs aimed at supporting first-time purchasers, including down payment grants or reduced-interest loans, are in high demand, though competition for these resources remains stiff in many communities.
Technological Integration in Homes
Smart home technology has become a significant factor in home-buying decisions, as families increasingly seek homes equipped with advanced automation systems. Features such as smart thermostats, video doorbells, integrated security cameras, and remote-controlled lighting are now seen as standard in many new and renovated homes. These technologies enhance not only energy efficiency and security but also offer unparalleled convenience for busy families. For example, the ability to monitor and control household systems from a smartphone app or voice-activated assistant simplifies daily routines and improves peace of mind. As technology rapidly evolves, families expect homes that are future-ready, able to accommodate emerging devices and upgrades easily. This growing demand for smart features underscores the broader trend towards innovative, comfortable, and connected living spaces.
Conclusion
Navigating the latest housing market requires families to stay informed about rapidly evolving trends and shifting priorities. From rising prices, affordability challenges, and the rise of multi-generational living to the effects of remote work and advancements in home technology, each development adds complexity to the decision-making process. For families, being aware of these factors and adapting to new realities can help guide their home-buying journey, enabling them to make strategic choices that address both immediate needs and future goals. By remaining proactive and resourceful, today’s buyers can find homes that truly fit their lifestyles while building a stable foundation for years to come.
