The Shrinking Home

The days of everyone dreaming of a "McMansion" are waning. While not everyone envisions living in a tiny home, the trend today is leaning toward smaller and more affordable housing. There are many reasons for this trend, including:

More square footage = more potential problems

Smaller homes are attractive to those looking for both a lower list price and a lower cost of home maintenance - and lower heating and cooling costs.

Excess Space = Waste

Most homebuyers today simply don’t need as much space for their stuff. TVs hang on walls, stereo equipment is on our computer,  or streaming from a phone or a pint-sized device on a counter or windowsill.

According to a recent U.S. Residential Architecture and Design survey, new homes will continue to get smaller as an increasing number of residential building designers are creating smaller projects each year.

Big = Pricey

Designers and builders are trying to build homes that people can afford to buy, since higher interest rates and inflations mean people have less buying power than they used to. Land is also getting more scarce and costly. So smaller lots result in smaller homes. The median size of a new construction home in the first quarter of 2024 is 2,140 square feet. That's 116 square feet smaller than the 2023 new construction median size. 

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