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Bigger Homes on the Decline?

Bigger Homes on the Decline?
For the last 35 years or so homes in the United States have been growing in size as each year goes by. Younger buyers were enthusiastic about showing off what they can afford, and this trend still holds true today to a certain extent. But with that being said, it appears that this trend is set to die down sooner rather than later.

The latest industry trends have shown that home sizes have pretty much hit a peak, and they will now begin to level off and even decline a bit. In today’s day and age buyers are more concerned with the neighborhood that they are moving into, as well as the features that a home has to offer. In other words, size is not everything anymore in the housing game. Buyers are set on the fact that bigger does not necessarily mean better; especially if the bigger homes lack the modern features that they are looking for.

Another reason that home sizes are on the decline nationwide is because more and more baby boomers are nearing retirement age. When this happens, these people usually begin to shop for a home that is smaller. This allows them to be able to more easily handle maintenance, and other details that can become a hassle with a bigger home. For this reason, developers are starting to build more and more active adult communities as the years go by. And of course, the homes in these communities are smaller than ones that are not. Again, this is meant to cater to the needs of people who are retiring.

By 2015 industry professionals feel that the average size of a new home will peak at approximately 2,400 square feet, and hold steady at this number for many years to follow. But just because the size of homes is expected to level off does not mean that designs are going to do the same. Developers will have their hands full trying to cater to the ever changing wants and need of buyers. Not only do new home buyers want a modern look, but they also want to take advantage of the many luxury features that have become available as of late. This also holds true for baby boomers. Although they are looking to downsize, they still want to live a life of luxury.

Overall, the days when bigger homes were better are now numbered. Home sizes are going to level off in the near future, and buyers are going to continue to shop based on other needs such as luxury features and convenience.

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