Almost immediately following the Great Recession, the number of homes being built fell dramatically. But not only did new homes become less numerable, they became smaller too. Before the Great Recession, the average home was approximately two and a half thousand square feet; after the Recession, the average home fell several hundred square feet in size. But today, the average home size is much greater than it was previously. In fact, homes today are actually larger than they were before the Great Recession. It’s not uncommon for new homes to be around two thousand and seven hundred square feet in total size.
Why are new homes larger than they were before the Great Recession? Part of it is because the economy has technically gotten better, but another part of it is because people are trying to put more money down for bigger homes to receive a higher credit score. This isn’t true for all people; families who don’t have the money obviously won’t put the money down and pay the monthly payments for a big home.
However, if homes can become more accessible to middle income Americans and more people decide to buy homes, it’s likely that the average square footage in homes will fall back again but the need for Heating and cooling in your home will always be relevant. After all, numerous surveys have revealed that a majority of Americans (nearly three out of every five) prefer a single story home to homes that have multiple levels. In that regard, the increase in square footage we have seen in homes is largely temporary.
Another reason why average square footage will likely fall in the future is because people want their homes to be more accessible and versatile, with the ability to multitask in the same rooms. To this end, perhaps storage rooms and utility rooms will no longer be kept separate from one another, but instead merge in the same room with a slightly larger floor space in that room (Also if you’re looking for more space or need storage Winnipeg give our friends at Riverbend a call!). Another example would be closets and basements no longer being separated; they may be merged into the same room and placed on the main level.
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