Trend alert: Americans looking to buy small
Posted on Wednesday, May 16, 2012 at 4:47:00 PM
When the housing boom was in full force, expansive McMansions were popping up everywhere. Then the great bust happened, which resulted in the beginning of the Great Recession. Now, half a decade later, Americans are seeing slow but steady improvements in the economy.
As a result, more potential homebuyers are entering the market. However, in contrast to the large-scale houses of the early 2000s, the post-recession home is smaller in scale.
During the housing boom, the average size of a newly built house was 2,500 square feet, reports Fox Business. According to a study from the Demand Institute division of the U.S. Conference Board, the average size of a newly built home in 2015 will be 2,150 square feet.
Housing and trend experts are expecting Americans to turn back to home sizes largely seen in the early half of the 1990s, reports the news source. Residential financing for the purchase of these homes may be easier, as decreased square footage and pre-boom prices combine to make a more affordable housing market.