If you are in the market for a new Atlanta single-family home, chances are you are searching for something smaller in size than you would have if you had been looking a couple years ago. Builders have noticed. Statistics that were recently released by the Census Bureau showed nationwide that homes have dropped to an average of 2,438 square feet.
This is quite a change to what we have been witnessing over the last few years. After the size of new single-family homes peaked at 2,521 feet in
2007 there has been a slight decline since. Will this trend continue? Yes, says NAHB Chief Economist David Crowe.
“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,” he said. “Many of these tendencies are likely to persist and continue affecting the new home market for an extended period.”
So how have homes decreased in size without compromising the integrity of the home? Most have fewer bedrooms. After increasing for almost 20 years, the proportion of single-family homes with four bedrooms or more topped out at 39 percent in 2005. In 2009, it was only 34 percent.
For more information on characteristics of housing, visit the Census website.