According to the latest Green Homeowner SmartMarket Report, the market for green homes is about to boom.
The market for green homes is expected to rise from the current $2 billion to $20 billion over the next five years.
Standard homes are becoming increasingly green, with homeowners using green products for 40% of their remodeling work, especially windows and heating and cooling systems.
They’re learning about green products mostly through word of mouth, but also from TV and the Internet.
Homeowners are buying green homes because they are concerned about the health of their families, as well as to reduce energy and other home operating costs. Education and awareness of green products continues to be the most important obstacles, slightly higher even than the additional first costs associated with building green.
“Our findings are particularly powerful because they point to the reasons behind the market trends we’re seeing of the increasing number of green homes,” says Harvey Bernstein, vice president of industry analytics, alliances and strategic initiatives for McGraw-Hill Construction, which conducted the study. “People are spreading the word about their green homes, which is most effective because that’s how buyers are hearing about the opportunities of green. It’s a cycle that is bearing out in the marketplace.”
Previous Green Home SmartMarket Reports have found that residential builders and the commercial industry believed that the additional costs of green were by far the most significant challenge to more rapid growth in green building.
But for homeowners, today’s survey shows that while costs and the availability of green homes are still an obstacle, the most important issue is lack of awareness.
Bernstein concludes, “The industry needs to listen to what the consumer is starting to want in their homes. As we look at changes within the slow residential market, green is a phenomenal opportunity area.”
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Definition of a Green Home: contain elements in 3 of 5 environmental building categories: Energy Efficiency, Indoor Air Quality, Water Efficiency, Resource Efficiency, and Site Management.
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