Tuesday, June 15, 2010

Goodbye McMansions! New homes are shrinking... shrinking... shrinking...

America loves McMansions, right? Well, the love affair looks like it may be over, as the size of new singly family homes completed last year dropped to an average of 2,438 square feet.

According to the according to the National Association of Home Builders, the average home size peaked at 2,521 square feet in 2007, flatted in 2008 and dipped in 2009.

Why? Potentially builders are trying to compete with foreclosures.

Not only is the square footage decreasing, but so is the number of storeys is decreasing. Last year single-storey residences increased to 47%, after three decades of declining percentages. The low was 43% in 2006 and 2007, according to the Wall Street Journal.

The Wall Street Journal states:

"The new generation of homes has fewer bedrooms: Just 34% of last year’s homes had four or more bedrooms. Between 2005 and 2009 - years that include the building boom - the proportion of homes with three bedrooms jumped from 49% to 53%.

Fewer bedrooms means fewer bathrooms. The percentage of homes with three or more bathrooms came in at 24% last year, down from a peak of 28% in both 2007 and 2008.

Home sizes have fallen before, but this time the change might stick around for some time."

It is a shame to hear that with a decreasing square-footage there is also a drop in the number of storeys. I would have liked to hear that the smaller homes were intensifying as opposed to continuing to sprawl.

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