Home Sizes Declining Nationwide
According to detailed information about the characteristics of new homes completed in 2009 that was released recently by the Census Bureau, the size of new single-family homes completed declined last year, dropping to a nationwide average of 2,438 square feet.
After 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.
New homes also had fewer bedrooms and baths. After increasing for almost 20 years, the proportion of single-family homes with four bedrooms or more topped out at 39% in 2005; it was 34% last year. The proportion of single-family homes with three bedrooms increased from 49% to 53% between 2005 and 2009.
The proportion of homes with three or more bathrooms was 24% last year, a decline from the peak of 28% 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 2½ bathrooms was at 31% for the third consecutive year. The proportion of single-family homes with 1 or 1½ bathrooms has been below 10% for more than a decade.
“We 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.”
Energy efficiency is more a factor now as well. The proportion of one-story homes declined steadily for more than three decades, since the 1st year of the study in 1973, dropping to a low of 43% in 2006 and 2007. At the same time, the proportion of single-family homes with two or more stories increased, rose from 23% in 1973 to a high of 57% 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% last year, while the share with two or more stories dropped to 53%.
Because we live on an island, unlimited space for housing has never been an issue, but we do have our enclaves of large homes. Call me to discuss your needs for housing in Hawaii Kai, or any Oahu communities. We'll find a home to suit your needs.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
www.relocatehawaiikai.com
(resource: RealEstateChannel.com)