The pandemic has changed the way we live work and play. The impact on the homes meant residents wanted more space. After the Great Recession lows, the average size of a new single-family home is 6.3% higher and the median size rose 10% higher.
Just to give a little background the U.S. Census data, going back to 1973 its earliest year, the average square footage was 1,660 square feet. Fast forward to today and the average size of a new single-family home is 2,537 square feet.
From a builder’s point of view, the materials needed to create additional square footage is a small percentage of the overall costs of building a new house. Basically upping the square footage is easy for builders. Zoning laws are also causing a bigger floor plan. There are many communities that have specific zoning laws stating the minimum square footage a home can be built.
This in conjunction with consumer demand has stemmed this growth. Consumers are looking for a home where they can not only live and play but also work. During the pandemic, we were stuck in our homes making them our only space 24/7. Everyone needed space to work and have school from home. Buyers are looking for walk-in closets, laundry rooms, en suite bathrooms and bonus rooms.
A Realtor can help find a home that will have the space you need for the price you can afford. Check with your local Realtor who can help you with the buying process.
