Back in the 1990s, everything seemed to be big. Boy bands, hair, and houses. While big hair and boy bands seemed to fizzle out, though, the quest to have a bigger house still remained…at least until now.
The year 2016 was the first year since the economic recession and crash of the housing market that the sizes of new homes has decreased, and this smaller home trend is anticipated to continue into 2017.
So, why the move towards lower square footage?
There are a couple of factors that seem to be driving this trend. One, due to the desire of many people to live closer to cities and cultural areas, it can mean that there is a smaller amount of available land to develop on, which has in turn, has resulted in smaller homes.
It is also in part due to many home building companies that are placing more focus on first time purchasers who oftentimes are not able to afford a larger home. And, as this particular trend continues, and builders expand their offerings to first time buyers, the size of the average new home is likely to continue getting smaller.
There are numerous benefits to having a smaller home – even if you aren’t yet an empty nester or a first-time home purchaser. For example, smaller space usually means lower utility bills, less to clean, and in many areas, a lower amount of property tax to pay.
In addition, lowering your housing expenses can also mean that you can free up additional cash to put towards savings, pay off high interest debt that may be hanging over your head, and/or to travel. It can also mean you can breathe a sigh of relief due to less financial stress.
If you’ve considered making a move, give us a call. We can work with you in finding the ideal home size and space for your particular needs.