Are McMansions on Their Way Out?
A recent article in the Wall Street Journal discussed the fact that "America's love affair with McMansions continues to wane." However, it is not exactly clear whether this trend is due to a lack of love or if it is just in line with our current economic situation.
For the past three decades home sizes have continuously increased. However, they began to fall flat in 2008 to an average of 2,521 square feet and actually started to decline in 2009.
Certainly, a larger home is tougher on the pocketbook when it comes to heating and cooling. And, the tax man cometh with a bigger price tag for the extra square footage. But are Americans really losing their desire for space?
Last year the percentage of single-family homes that were only one story increased to 47%. One-story homes had previously been out of favor hitting a low of 43% in 2006 and 2007.
The national level for the number of bedrooms has also decreased. Only 34% of homes last year had four or more bedrooms. In addition, homes with fewer bathrooms have started a trend. A very sad one for those of us who enjoy hour-long soaks in a Jacuzzi tub.
Living in the land of grand colonials which are predominant throughout Metrowest Massachusetts in towns like Hopkinton, Southborough, Westborough, Holliston, Natick and Ashland, I have not yet seen the "dwindling home" as an overwhelming movement in this area. However, I have noticed some builders of new colonials making them smaller to accommodate buyers with more modest budgets.
Even with the drift away from McMansions, there are some items that buyers are still insisting on in their newly constructed homes:
- Laundry rooms.
- Insulated front doors.
- Great rooms.
- Walk-in closets in the master.
- Energy-efficient widows.
- Linen closets.
- Programmable thermostats.
- Energy-efficient appliances and lighting.
- Nine-foot ceilings on the first floor.
- Separate shower and tub in master bathrooms.
The trend toward smaller and more affordable homes may actually be a positive one to help new home buyers get into the market. However, it will be interesting to see if home sizes shift upward again once the economy improves.
Copyright 2010 "Are McMansions on Their Way Out?"
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Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
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I think McMansions are only "out" because people can't afford them at the moment. As soon as more profitable times return I think people will begin to buy them again.