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| Square Footage Shrinks in Response to First-Time Homebuyers |
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The average home built in 2016 was 2,634 square feet, smaller than homes built the year prior, per recent data by the U.S. Census Bureau. The downsize, according to the National Association of Home Builders (NAHB), is in response to first-time homebuyers. "The data on new home characteristics show a pattern," says Rose Quint, assistant vice president for Survey Research at the NAHB. "2016 marked the end of an era that began in 2009 when homes got bigger and bigger with more amenities. I expect the size of homes to continue to decline as demand increases from first-time buyers." The NAHB's recent Home Builder Preferences Survey reveals that in addition to closer quarters, new homes are now being constructed ...
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