Houses are Getting Smaller

U.S. Census Bureau data on characteristics of new homes completed in 2009 provide an interesting snapshot of emerging housing preferences and trends.

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Recently released data show that, after increasing almost continuously for three decades, the average size of single-family homes completed in the USA last year was 2,438 square feet — down from 2,519 square feet in 2008 and from a peak of  2,521 square feet in 2007. 

While a similar decline did occur when the economy was in the midst of a recession in the early 1980s, this time is different, says NAHB Chief Economist David Crowe. “This time the decline is related to phenomena such as an increased share of first-time 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.” Many of these tendencies are likely to persist and continue affecting the new-home market for an extended period, he noted.

In keeping with their slightly smaller size, new single-family homes completed in 2009 had fewer bedrooms than previously. In fact, after increasing for almost 20 years, the proportion of single-family homes with four bedrooms or more topped out at 39% in 2005, but has since declined to 34% as of 2009. Meanwhile, the proportion of single-family homes with three bedrooms increased from 49% to 53% between 2005 and 2009. 

Not surprisingly, new single-family homes completed last year also had fewer bathrooms than previously. The proportion of homes with three or more bathrooms fell to 24% last year from a peak of 28% in 2007 and 2008.

From: Builder Magazine

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