USA Today is reporting a decline in the size of new homes being built (the first significant decline in over 30 years), citing multiple sources and surveys. Homes started in the 3rd quarter of 2008 averaged 2,438 sq ft, compared with 2,629 sq ft in the 2nd quarter.
My guess is that this trend will continue, as the current economic environment is affecting people’s core beliefs about conservation and excess. This is especially apparent after the fast-paced, bubble-after-bubble, bigger-is-better mindset of the late ’90s and early 2000′s.
Personally, I’ve met too many people who are struggling to keep up with a bigger house than they need, which they bought just because they could, or because everyone else was doing it. These folks talk about simplifying their life and their finances. “Fool me once, shame on you. Fool me twice, shame on me.” Few people who struggle through this process will allow themselves to do it again.
Your somehow survived growing up in a family of 6 in a 3-bedroom home Realtor,
Chris Butterworth
Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.
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The federal gov’t reports through HUD and the Census Bureau (http://tinyurl.com/8s2nyz) that in the 1940′s and 1950′s the average American house was only about 1,100 square feet.
I recently saw the home my Mother grew up in – 3 bedrooms and 1 bath. Imagine! Sharing a bath with your parents. Some US kids are hard-pressed to share a playroom, let a lone a bathroom.
Maybe we will all discover that the silver lining in this economic crisis is we build smaller houses full of more considerate, tighter-knit families. Wouldn’t that be lovely?
During the “Gold Rush” I couldn’t understand why everyone was moving out to Queen Creek because they could get a 3,500 sq ft. home for the same as a 1,600 sq ft home in Tempe just because they could. For me there were other things to consider like commute, stress, being away from friends, gas, entertainment and long term value.
My sister in law just moved back to Indiana and bought a home that is 1,900 sq. feet, it is just her and her husband, and she said they only use the same amount of space that they were using in their 1,000 sq ft apartment. The rest goes unused.
Hopefully has got the gold rush crazees out of them and can start thinking clearly about their home purchases. Best of luck to everyone though and anytime you can own your own home it is a great thing.