The United States Census Bureau has released stats that suggest home buyers this year want bigger homes. Even last year, home sizes set a new record.
In the last five years alone, the average home size has increased by 300 sq ft. In the year 2009, the recorded values were 2,362 sq ft and the values for last year were evaluated to be 2,679 sq ft. These stats have been released by the National Association of Home Builders. One of their representatives also said that home sizes will increase this year as well.
Builders are also paying attention to building bigger homes now because the buyers are in demand. According to the NAHB, the average consumer has better credit scores and income than they did in 2007. Since they can afford luxuries, they want a better and bigger house. This trend was initiated after the housing crisis, and is continuing to rise since then.
Compared to the 1970s, homes now have areas that are 50% larger. This is a quite a significant rise.
Today’s buyers do not only demand larger areas, they want more bedrooms as well. In 2013, 48% houses had four or more bedrooms. This percentage was just 34% in 2009. A home designer stated that if this trend continues, it will change the standards of the housing industry. Ever since 1973, a three bedroom home is standard, but if four bedroom houses are going to be built in greater numbers, the standards will have to be revised.
In addition to the bedrooms, bathrooms have also increased. 35% of homes that were constructed last year had three of more full bathrooms. The previously recorded value was 23%. Similar, garages are also being made more spacious so that they can hold around three to four cars. Previously, 16% of houses fell in this category, but now the figures have risen to 22%.
Buyers are not only focusing on bedrooms and baths, they want other features as well. A survey, which addressed this, claims that open floor plans are really popular. If the home size is bigger than average, then hardwood flooring is in greater demand. Features like media rooms, whirlpools, and sunrooms are also preferred. In terms of the exterior, buyers want a fountain, a deck and a patio.
Source: www.realtor.com
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