Young house hunters are putting sustainability at the top of their wish list. Millennials and members of Gen Z are 27% more likely than Baby Boomers to buy a green home, according to a survey from Payless Power, which provides prepaid energy in Texas.
In fact, 70% of Gen Zers said they’d be willing to go over budget for one.
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The most desirable features that sustainable-home shoppers are clamoring for include energy-efficient appliances (with 54% of respondents calling them a top choice); solar panels or LEED/Energy Star certification (49%); LED lighting (46%); and energy-conserving insulation (46%), according to the survey, which had more than 1,000 respondents.
Looking at more than 70,000 properties on the real-estate listing site Redfin, the researchers found that across the US, residences tagged with the “green home” designation went for an average of $828,955, 41% more than the $589,227 brought in by comparable homes without the designation.
In some cities, eco-friendly features draw an even greater premium: Topping the list was Detroit, where green homes sold for an average of $321,989, or 180% more than traditional residences. Prospective buyers are also seeing green in Chicago and Philadelphia, and in Montgomery and Birmingham, Alabama.