Average U.S. Home Almost a 1,000 sq. ft. Larger Than It Was in the 80s
In 2013 the average size of newly built homes climbed up to 2,600 square feet, “an all-time high that surpassed even the housing bubble years, when homes averaged around 2,400 square feet, according to the Census Bureau.”
There are some differences, however, “between the days when everyone was building McMansions and what’s happening post-housing crash.”
The first one is that rich people have gotten even richer. According to Stephen Melman from the National Association of Home Builders, people who had a substantial amount of money back in 2009, have seen their assets almost double since then. Therefore, these people can afford to buy bigger homes than ever before.
A second reason is that a very small percentage of first-time home buyers, which are usually the people who buy smaller homes, can afford to buy a home. The result is that only 4 percent of newly built homes have a size of 1,400 square feet or less.
Read the full article in CNN Money.