Tuesday, November 22 2011
The square feet of new homes is expected to continue its decline in future years. The National Association of Home Builders predicts that U.S. houses will average 2,152 square feet in 2015, which will be down 10 percent compared to last year.
Smaller homes near restaurants and retail may be the most in demand as the housing market crawls out of its slump, housing experts say.
McMansions--which are at least 2,600 square feet--were popular during the years of the housing boom, but now are only desired by 18 percent of households today and is expected to drop more, according to a survey by Trulia.
"Baby boomers are trading down. They don't need the McMansion, and they don't want to drive as much," Jed Kolko, Trulia’s chief economist, told Money Magazine.
Source: “A Smaller House Will Make a Big Difference,” Money Magazine (Nov. 14, 2011)