Further proof that home-buying is increasingly for the wealthy [View all]

[Zorro]

A recent trend in home construction points to growing polarization in the market, as more new homes come with three-car garages than ever before.

Twenty-four percent of homes built last year had garages for three or more cars, according to an analysis of Census data by Robert Dietz, chief economist for the National Association of Home Builders. That is up from 16 percent of homes in 2010, and 11 percent in 1992.

But it’s not so much that Americans want larger garages across the board. Instead, Dietz says homebuilders are increasing constructing houses for older, more monied residents, many of whom have teenage drivers and value three-, four-car garage homes.

“We’re seeing a substantial change in the mix of buyers that builders are catering to,” Dietz said. “The key point is that there has been a significant amount of weakness for entry-level, first-time buyers.”

https://www.washingtonpost.com/news/business/wp/2016/10/27/further-proof-that-home-buying-is-increasingly-for-the-wealthy/