The U.S. housing industry is much like the U.S. auto industry in its resistance to change. The design of both single-family homes and apartments is only just beginning to change, just as the American auto industry is only just now trying to figure out how to deliver newer, truly fuel-efficient cars. Unlike the auto industry, however, the housing industry doesn’t have the federal government’s fuel efficiency (CAFE) standards to prod it along.
But there are early signs of change. New single-family homes in Phoenix, Arizona, are selling even at slightly higher prices than existing homes—that is, if they have green, energy-efficient features that will significantly reduce the cost of lighting, cooling, and heating over time. This is happening in many other parts of the country as well.
Energy efficiency is, as one developer puts it, “the new granite countertop.” After all, no one asks what the payback period is for a countertop. So, just as items that were once added to a new home or condo for an additional price are now standard, so too are energy-efficient equipment and design becoming standard features expected by the buyer or renter.
Read more...The Rental Boost From Green Design
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