MReport September 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 41 of 67

40 | M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION Homebuyers Consider 3D Printed Houses As supply struggles to keep up with demand and construction costs rise, this new technology emerges as an option for both builders and consumers. T he short supply of affordable homes is a growing concern for both builders and con- sumers, as real estate prices soar, demand continues to outpace supply, materials become more expensive, and skilled laborers harder to find. But, as with many pandemic-generated problems, in- novators have turned to technol- ogy for solutions. With home- building, 3D printing could be one answer to replenishing the hous- ing supply. Still in its early stages, several companies have cropped up of late, according to a Realtor. com article, and proponents say 3D printed homes reduce labor and waste and take far less time to build. Being in relatively early stage, the technology is still a pricey niche product, but more prospective homebuyers are learn- ing about the option and giving it serious consideration, according to a summer survey conducted by and HarrisX. The survey of 3,026 consumers found 66% of all consumers and 75% of millennials would consider living in a 3D printed home. In fact, 30% of all respondents and 43% of millennials think that 3D printed homes will replace tradi- tional methods of homebuilding. Only 42% of the respondents said they had previously heard about 3D home printing technol- ogy, but that number was much higher, 63%, for recent homebuy- ers, suggesting that home search- ers are digging into options when it comes to new technology. "Over the past decade, as the homebuilding industry focused mainly on the upper-end of hous- ing, expecting younger generations to favor renting, the price of con- struction has pushed new homes out of reach for many first-time home buyers," said George Ratiu, Senior Economist, "With the largest generation in U.S. history embracing homeown- ership, and the pandemic acceler- ating the move toward suburban markets, new home construction plays a pivotal role in meeting the growing demand. As technol- ogy is advancing novel building solutions, anything we can do to reduce the cost of new construc- tion and increase the number of available homes, especially at an affordable price point, will help to restore balance in this strong seller's market." Some consumers remain wary of the technology—the most common hesitation was that they want to wait and see how the technology will pan out over time, said 36%. "While the technology is still somewhat nascent, our survey data shows that consumers are very interested in 3D printed homes. While there have only been a small number of 3D printed homes sold to date, as the technology con- tinues to advance, we could see it add more affordable homes to the housing market. For the rising generations of digital natives, new building technology may provide a sustainable bridge toward home- ownership," Ratiu said.

Articles in this issue

Links on this page

Archives of this issue

view archives of TheMReport - MReport September 2021