Is The American Home Shrinking?

The Census Bureau recently reported that median new home size fell to 2,135 sq. ft. in 2009 after peaking at more than 2,300 earlier in the decade.

"Home buyers are asking for less, cutting back on options and reducing square footage," said Steven Pace of the North Carolina-based Pace Development Group, which builds both custom and tract houses ranging in price from below $250,000 to more than $2 million. "They're saying, 'Maybe we don't need that 5,000 square footage;" he said. "'Maybe our bath doesn't need to be big enough for our whole family and all our neighbors to take a shower at the same time.'"

Kermit Baker, chief economist for the American Institute of Architects, pointed out that consumers aren’t asking for spaces devoted to single purposes, such as media rooms for watching videos and game rooms for shooting pool. Instead, the requests are for rooms with shared uses. "We continue to move away from the 'McMansion' chapter of residential design," he said.

Now, the typical U.S. owner-occupied home has six rooms total, with three of them being bedrooms, according to the Census Bureau's annual American Housing Survey. The most common number of baths is two or more.

More than 75% of all homeowners have a dishwasher, up from 65% a decade ago. And garbage disposals can be found in nearly half of owner-occupied homes, up from 46%.

On a broader scope, the survey revealed that, despite the recent excitement about the new urbanism and return to cities, most Americans still lead a "Leave it to Beaver" lifestyle.

Are YOU thinking of downsizing, or know someone who is? Give us a call! We have 133 agents ready and willing to help you find the (smaller) home of your dreams! You can reach us at 972-562-8883 or mckinney@kw.com!

Source: CNN Money - Les Christie