From HousingWire;
In 2007, the average single-family home in the United States peaked at 2,521 square feet. That number did not vary greatly into 2008. However, according to a 2009 report from the Census Bureau, it’s now at an average of 2,438 square feet.
“The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home 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,” said NAHB Chief Economist David Crowe, in a statement.
Well, 2,521 square feet would be a very big home for most families.
I wouldn’t surprise be if we never pass that. That large size is probably a byproduct of the vast amounts of money that were spent on housing during the boom.
More from Wall Street Journal.