Are the days of McMansions over? According to some, it looks that way...
The trend in new housing today is smaller, more modest homes that appeal to a larger buyer base. This trend has been building for years as the economy and the housing crisis have taken a toll on consumer confidence. The average size of new homes shrunk by 100 square feet last year; three bedrooms are preferred over four, and also shrinking is the number of bathrooms and levels in the house. The average floor plan size is now 2,438 square feet. What’s driving this trend? An increase in the number of first-time home buyers, a desire to keep energy costs down, less equity in homes, tighter credit and less of a focus on the investment component of buying a house. There is a greater demand for more affordable housing, and builders are trying to meet that demand. “I do believe the younger generation isn’t looking to build mansions anymore,” Sam Palazzolo of PalazzoloBrothers, builders in Sterling Hts., MI said. “They are looking at simpler lives. They aren’t looking for the same houses that the baby boomers were.”
