To be exact, the National Association of Home Builders (NAHB) released information showing that the average size of a new home decreased by 40 square feet, from 2,520 square feet in 2008 to 2,480 square feet in 2009. While 40 square feet may not sound like a lot, it is significant because it's been 27 years since the average home size fell by that much.
Are You Missing a Bathroom?
This decline in square footage is also noteworthy because 40 square feet is about the size of an average bathroom. Interestingly, NAHB's statistics revealed that the number of homes with 3 or more bathrooms fell in 2009, for the first time since 1992.
What's Fueling this Shrinkage?
There are 4 primary reasons the sizes of new Southern New Hampshire homes are decreasing:
1. The recession. People are reconsidering how much home they really need and are looking for ways to save money. Results of a 2009 survey by Better Homes and Gardens magazine showed that downsizing is a bigger priority. Thirty-six percent of homeowners surveyed said they expected their next home to be "somewhat smaller" or "much smaller" than their current home.
2. The small-house movement. This movement has been gaining steam in the United States for a number of years. The recession accelerated it and home builders responded by building smaller homes.
3. The prominence of first-time buyers in the housing market. This is being stimulated by the $8,000 first-time homebuyer tax credit.
4. The increasing number of households with members 55 and older who are buying homes. Folks over 55 prefer to purchase single-story homes, which tend to be smaller than two-story homes.
Considering one of the smaller Southern New Hampshire homes?
If you're thinking of downsizing, I can help. Call me now at 603-821-1134 or email me at Dave@DaveHeeter.com to get started.
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