The Incredible Shrinking New Home
Or is it really? New Home Trends
We've all heard numerous times that the average new home size is getting smaller.
Before we all picture moving into the travel trailer and sharing one bath, let's take a look at what's really been going on with new home sizes over the past 40 years or so!
In 1973, the average new home in the United States was only 1,660 square feet. That's average - meaning many homes were much smaller.
If you grew up in the 70s, you probably remember sharing a much smaller home than the one you're currently living in, probably with a couple of siblings!
- The average new home size did not exceed 1,800 square feet until 13 years later. In 1986, the average new home was a whopping 1,825 square feet.
- In just one year, the average home size jumped from 1,825 square feet in 1986, to 1,905 square feet in 1987 (more room to watch the tv debut of "The Simpsons"!)
- In only two more years, 1989 saw the average home size increase to 2,035 square feet.
- It took another 5 years to break the 2,100 square foot barrier, which happened in both 1994 and 1996.
- And another 5 years later, in 1999, the average home size was 2,223 square feet.
- But homeowners kept asking for larger homes. It only took another two years to break the next barrier. In 2001, the average new home size was 2,324 square feet.
- Not done yet! In 2005, the average home was 2,434 square feet, over 2400 for the first time.
- And in 2007, the average new home was 2,521 square feet, the largest to date.
Where are New Home Sizes Today?
After peaking at 2,521 square feet in 2007, the average new home size in 2010 was 2,392 square feet.
But new homes have made some incredible gains in size over the past 40 years or so.
The average new home in 2010 was:
- 44% Larger than in 1973 (37 years ago)
- 41% Larger than in 1976 (34 years ago)
- 31% Larger than in 1986 (24 years ago)
- 6% Larger than in 2000 (10 years ago)
- From 1973 to 2004, the average home increased in size by 22 square feet per year.
- From 2004 to 2007, the average home increased by 43 square feet per year, double the typical rate.
Why is today's new home smaller than it was a few years ago?
- Homebuyers are much more budget conscious
- Homebuyers are not as interested in rooms they have little to no use for
- Homebuyers want a home that works the way they need it to, rather than the biggest home on the street.
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