The size of the home matters...
Many believe the findings of the Census Bureau will continue well past the recession. Thy show that the single family homes continued to get smaller last year. The size of the home matters, in 2006 the home sizes peaked at 2,268 square feet. Last year the median size of a single family home dropped to 2,100 square feet.
There are several factors that contribute to the downsizing of home purchases. Factors include energy costs, equity, tighter credit standards, less interest in investment purchases, and first time home buyers.
In attending many generational classes and seminars this falls into line with the next generations thinking. They want less stress, less burden and more time to spend with family and friends. The boomer generation are the worker bees, who have an extremely aggressive work ethic. Generation X and Y are more interested in life enjoyment.
The most glaring trend in the size of homes built is the fact that building itself has generally stalled across the country. Until the inventory has leveled, building will continue to be at a stand still.