Supersize That House? New Homes Get Bigger

New home buyers use a big appetite for larger homes, as outlined by preliminary data recently released with the Us Census Bureau––suggesting that home sizes set a whole new record in 2013. 177283476

The standard height and width of a whole new home has grown more(a) 300 square feet within the last few five-years, to 2,679 sq . ft . in 2013 from 2,362 square centimeter in 2009, using the census data in a report published with the National Association of Home Builders.

The return to larger homes employs housing sizes bottomed out in 2009.

The NAHB says builders are meeting the demands of the customers, who may have a lot higher credit history and also a higher median income compared with 2007. The common new-home sale price rose to $318,000 in 2013 from $248,000 in '09.

Currently, the normal new residence is about 50% bigger than its 1973 counterpart, good Census Bureau, which began tracking such a data inside the mid-1970s.

As size has grown, so has got the quantity of bedrooms. Of all new homes built, 48% had at least four bedrooms in 2013, in comparison with 34% in 2009. Detail trend holds, it may bring another key shift in the housing demographic: The three-bedroom home, that has been the style of the housing market since 1973, could be traded up for the bigger size.

Furthermore, 35% of recent homes integrated 2013 had leastways three full bathrooms, up from 23% this season. Similarly, the share of homes with garages for three or more cars rose to 22% in 2013 from 16% truly.

As outlined by a current NAHB study for the Characteristics of Home Buyers, first-time homebuyers purchase less expensive and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% from the market, happen to be steadily eliminated on the market as credit rules have tightened and mortgage rates have increased, according to the NAHB report, that could also explain the increase in average home size.