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Monday, June 9, 2014

America's Homes are Bigger Than Ever

Post-housing crash, economic experts say the rich have gotten richer while young, first-time home buyers are having a difficult time getting mortgages and escaping from student loans.  In light of this, the market for smaller homes (1,400 square feet or less) has dropped from 9% in 2005 to just 4% of homes built today.  Oppositely, extremely large houses (4,000 square feet or greater) have accounted for a much larger portion of new homes built (more than 9%), while homes between 3,000-4,000 square feet made up a hefty 21.7% of new homes built in 2013, up 15.6% from 2005.

According to the Census Bureau, the average size of homes built last year hit 2,600 square feet. This was an all-time high that surpassed even booming housing bubble years when the average was at 2,400 square feet.

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