“McMansion’s” – those sprawling, cookie-cutter homes that dominate suburbia have, according to CNNMoney, dropped in size for the first time in 15 years.
For the first time since 1994, the average square footage of a newly built home is smaller than it was last year. With a median square footage of 2,065 square feet, new homes are 7% smaller than they were at this time last year. That’s about the size of an average bedroom.
So why the “shrinkage”? (so to speak)
Could be lots of things… the economy would certainly seem to be a factor. Energy costs, difficulty in securing jumbo mortgages, an aging population – all contribute.
Maybe people are simply realizing they don’t need big giant homes to enjoy life. I can’t tell you how many 3,500+ square foot homes I’ve seen that look like no human has ever set foot in the upstairs. I’ve seen homes with entire sections basically closed off. What’s the point in paying for, cooling (or heating if you aren’t from around here), and maintaining all that space if it is not going to be used?
We’re getting a lot of clients who are considering “downsizing”. Primarily because of affordability and the empty nest. As one who was born on the tail end of the Baby Boomers, whose kids are in high school, I can attest that the thought of “what are we going to do with all this space once the kids finally get the hell out?” has crossed my mind.
Will it last? Will new homes continue to get smaller? Who the heck knows. Generally speaking we as a culture like our stuff. While bigger is not always better, this tends to be a society that puts a premium on material possessions – big homes, fancy cars and the like. Wouldn’t surprise me at all if new home size starts trending back up once people begin to believe in the economy again.
Only time will tell.
Photo credit: Agritopia. By yours truly.
Email This Post 
Print This Post
Previous post: [ Bizarre Real Estate Practices #873 (and #874) ]
Next post: [ Dead Man Walking: Death of Mortgage Brokers? ]
Thanks for reading! We value your thoughts and opinions, so please feel free to leave a comment. Please contact us if you have any questions or need help. You can also get automatic updates for this blog free via:
{ 15 comments… read them below or add one }
Does not surprise me that home sizes are falling. Personally, we are down-sizing as well. Granted, our economy is recovering, however, I am not too optimistic for the years to come.
It's about time that houses returned to more human proportions. I recall the homes of the 60s and earlier, where 2 adults and 3-4 kids lived comfortably in less than 2000 sqft. When did we decide that the smaller families of today needed over twice as much sqft per person?
Post-recession consumers are going to reject the austentaciousness of the baby-boomer era, and seek smaller, yet stylish, efficient homes; partially out of economic necessity.
I hope that we are all able to live within our means and lose the feeling of having to “keep up with the Jefferson's”. I see home buyers trading sqft for more tv's, cars, pools…
Jay, interesting trend where in Southern California luxury markets there are many 6,000 square foot plus homes, many built during our last boom years – perhaps they can be subdivided into smaller units – only kidding!
Average size in Rancho Santa Fe is 6,664 square feet as of August 7th, 2009
http://www.sandiegolifestyle.info/rancho-santa-...
Jeff may only be kidding, but I see that as the trend for those McMansions. Some builder/investor will come along and get the townships to change the zoning from single family to multi-family and then make those homes into two and three family complexs. It is only a matter of time, brains and money. I used to call such neighborhoods the next HUD projects. Now, I am told by some owners (that want out) that certain ethic groups have moved in and use the homes to house six families – I am told they sleep in shifts doing our low paying jobs.
I think one of the primary reasons that very large and expensive homes became popular is the tax break associated with mortgage interest deductions. My guess is that many accountants recommended the purchase to their wealthier clients as a way to reduce income taxes.
But I still don't know what people do with all that space or how they made their mortgage payments but … (maybe they didn't)
AT LAST! It has always amused me that folks think they need 2500 sq ft homes on a 5000 sq ft lot. I remember the Lennon Sisters (yes that dates me, no I never got to date one of them). They grew up in a 1200 sq. ft. home with three bedrooms and ONE bathroom. Dad must never have had a chance.
I recently attended a meeting with a futurist as a guest speaker and he talked about how the consumer has increased everything from the size of their house to larger cars and even the size of French fries. We keep consuming more and more. Do you really need 5000 sqft for 2 people? In 1972 the average size house was 850 sqft. How much is enough? These Mcmansions use enough energy to heat and cool for 4 houses. Thanks for the article.
jordan 12 sneaker
jordan 13 sneaker
Wow. So by staying in my 1,800 square foot house, I'm an instant trend setter. Who knew?
Bigger was better when one had the credit and was able to borrow money. Back in the hayday why would you add onto your house when you could buy a bigger one for no money down and take equity out at the same time?? Well now we have all been brought down to the real world!
I never understood the McMansions other than a Status Statement. Great article.
There are lots of people who are on the verge of losing their own homes because of the current economic crisis, but the bailout plan is only giving a little positive effect about it. But I'm still positive that in due time, the plan will eventually help these homeowners to save their houses from foreclosures.
Interesting. I always thought houses that are too big were a dumb way to go. Think of all the upkeep, taxes, utilities, maintenance, etc. and you're not even able to use all that space. I think people are realizing that it's not always going to be good times.
Interesting. I always thought houses that are too big were a dumb way to go. Think of all the upkeep, taxes, utilities, maintenance, etc. and you're not even able to use all that space. I think people are realizing that it's not always going to be good times.