A new look at housing starts based on data from the Census Bureau finds that single-family homes in the U.S. continued to get smaller last year, and the downward trend is likely to last significantly beyond the end of the recession.
From a peak of 2,268 square feet in 2006, the median size of new single-family homes dropped consistently through last year, when the size was down to an even 2,100, according to a special study by economists at the National Association of Home Builders (NAHB). Full article.
Gone are the days of the McMansion and the need to keep up with the Joneses. The Home Construction, Inc. customer that desires a smaller home isn’t sacrificing exceptional quality. They still desire luxurious amenities such as custom cabinetry, top of the line appliances, fine finish work and spa-like bathrooms, but smaller, cozy gathering rooms have taken the place over unused dining rooms and living rooms. They also have the need to keep energy costs down and leave less of a carbon footprint.
The growing presence of both baby boomers and first-time home buyers are dictating the smaller home trend. They are on opposite ends of the generation spectrum, but their desires are the same: a quality-built home at an affordable price.