Remember the “McMansions” of the 1990’s? Well they are back! Large homes become increasingly popular in the late 90’s and early 2000’s. Smaller homes become more popular in the mid 2000’s, as the economy suffered and the national real estate market tanked in many areas. Larger homes equal greater living expenses – furnishing, landscaping, maintenance, utilities, insurance…you get the idea. As home values decreased, and jobs suffered, home buyers turned to a more conservative approach, and focused on smaller houses. That trend appears to be changing, as the average square footage of a home is on the rise – as well as the amenities found in larger homes: more bedroom, baths, multiple car garages. And the buyer composition is changing as well. Buyers with higher credit scores typically manage their money well, and can handle the expenses that are associated with larger homes.
So, it looks like the Jones’ aren’t off the hook yet.
Exactly why are new homes bigger? http://ow.ly/u1tMu