From 1978 through 2015, the median size of the single-family home increased every year until it peaked at 2,467 square feet, according to the U.S. Census Bureau. Then, in 2016, that number began to shrink, albeit ever so slightly.
So, are we finally coming to our senses about McMansions?
Of course, owning a big house has long been a key component of the American Dream - you know you’ve arrived when you have columns, an indoor pool and a theater room - but, in reality, it’s all usually a huge waste of space, according to a study cited by Steve Adcock on the Get Rich Slowly blog.
A research team affiliated with UCLA studied American families and where they spend most of their time while inside their homes.The results were fascinating, but really not all that surprising. Here’s one representative example:
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4 comments:
In the early and middle 20th century, just owning a home was the dream for most people. Somewhere along the way, it got weird.
Buying a home is a total PITA. Everybody has their hand in your pocket and with the preferred 20% down and 10% for closing costs, it really seems to make home buying by an average person for an average house, not really worth it. Interest rates are now going up, so if you don't have the money to put down, you are kind of screwed. For the average person, saving that much is often very difficult. For a stereotypical Delmarva person, making $45000 a year, can they afford a small $135000 house? Geez, it would be tough. And that is a small home by usual standards.
At my age, I'd rather have a 2400 sq ft garage, and a 1000 sq ft house.
May 23, 2018 at 2:39 PM:
It all comes down to, if you can't afford a house, don't buy a house. Do the responsible thing, and save up the money for the down payment and put some of your skin in the game. Why should any lending institution carry all the risk on your investment, when you invest none of your own money? And then you say, "saving that much is often very difficult." Difficult because most people live at their means, or above their means, and are unwilling to live on a budget that allows them to save. No sympathy from me. I have always lived below my means, even when I made minimum wage, or less. For the uneducated that can't figure it out, that's how you get ahead in life. Some people just like to spend it all and complain that they don't have anything. When it comes to homebuying, no pain, no gain.
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