Census: Home Size Continues to Decline

Census data shows that the average square footage of a new single-family home dropped to 2,438 in 2009 after peaking at 2,521 in 2007.

"The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home buyers, a desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the next home, tighter credit standards and less focus on the investment component of buying a home," says National Association of Home Builders chief economist David Crowe. "Many of these tendencies are likely to persist and continue affecting the new home market for an extended period."

The data indicates that 34 percent of new single-family homes had four or more bedrooms in 2009, down from 39 percent in 2005, but the number with three bedrooms rose to 53 percent from 49 percent over the same time span. Additionally, 37 percent of new single-family homes had two bathrooms in 2009, up from 35 percent in 2008; and the number with just one story rose to 47 percent last year from 43 percent in 2007.

Regionally, the data shows that 99 percent of homes in the South had air conditioning, versus 88 percent nationwide; 30 percent of homes had three-car garages in the Midwest, versus 17 percent nationally; and 74 percent of homes in the Northeast had vinyl siding, versus 34 percent nationwide.

Source: RISMedia (06/16/10)