The size of new single-family homes completed declined last year, dropping to a nationwide average of 2,438 square feet, according to detailed information about the characteristics of new homes completed in 2009 that was released recently by the Census Bureau.
size of new single-family homes completed declined last year, dropping to a
nationwide average of 2,438 square feet, according to detailed information
about the characteristics of new homes completed in 2009 that was released
recently by the Census Bureau.
increasing continually for nearly three decades, the average size of
single-family homes completed in the United States peaked at 2,521 square feet
in 2007. It was essentially flat in 2008, then dropped in 2009, so that new
single-family homes were almost 100 square feet smaller in 2009 than in 2007.
also saw a decline in the size of new homes when the economy lapsed into
recession in the early 1980s,” said NAHB Chief Economist David
Crowe. “The decline of the early 1980s turned out to be
temporary, but this time the decline is related to phenomena such as an
increased share of first-time home buyers, a desire to keep energy costs down,
smaller amounts of equity in existing homes to roll into the next home, tighter
credit standards and less focus on the investment component of buying a home.
Many of these tendencies are likely to persist and continue affecting the new
home market for an extended period.”
keeping with their slightly smaller size, new single-family homes completed in
2009 had fewer bedrooms than previously. After increasing for almost 20 years,
the proportion of single-family homes with four bedrooms or more topped out at
39 percent in 2005; it was 34 percent last year. The proportion of
single-family homes with three bedrooms increased from 49 percent to 53 percent
between 2005 and 2009.
single-family homes completed last year also had fewer bathrooms than
previously. The proportion of homes with three or more bathrooms was 24 percent
last year, a decline from the peak of 28 percent in both 2007 and 2008. The
percentage of single-family homes with two bathrooms increased from 35 to 37
last year, and the percentage with 2 1/2 bathrooms was at 31 percent for the
third consecutive year. The proportion of single-family homes with 1 or 1 1/2
bathrooms has been below 10 percent for more than a decade.
1973, the first year for which the Census Bureau reports characteristics of
single-family homes completed, most new single-family homes - 67 percent - had
only one story. Twenty-three percent had two or more stories, and 10 percent
were split levels.
proportion of one-story homes declined steadily for more than three decades,
dropping to a low of 43 percent in 2006 and 2007. At the same time, the
proportion of single-family homes with two or more stories increased, rising
from 23 percent in 1973 to a high of 57 percent in 2006 (split-level homes
currently account for less than one percent of all single-family homes). Since
2006, the trends have been reversed, as the share of single-family homes with
one-story increased to 47 percent last year, while the share with two or more
stories dropped to 53 percent.
Home Size Continues To Decline; Buyers Increasingly Opt For Single-Story Homes
June 18, 2010