DEMAND GROWS FOR SMALLER HOMES

As you will see, today's families are looking to go small and finding ways to simplify their lives. The family is also getting smaller and don't forget, finding someone to mow that lawn is getting harder and harder.


Demand grows for smaller homes
WASHINGTON – Sept. 11, 2009 – Census Bureau data shows that the median size of a new single-family home in the United States shrank to 2,215 square feet in 2008 from 2,277 square feet the year before. The change represents the first decrease in median size in almost 14 years, as single-family housing had been growing larger on a consistent basis since 1991 .“That’s reflective of the economy back then: the stock market, the egos, people trying to compete with their neighbors and people trying to keep up with the Joneses,” according to Cindy Ariosa, an executive for the Baltimore and Southern Pennsylvania division of Long & Foster. In recent years, however, the implosion in the residential property market has steered more buyers toward smaller homes. “When the economy is weak, unemployment is high, income gain is slower or nonexistent, people tend to focus on simpler things, less expensive things,” explains American Institute of Architects chief economist Kermit Baker. In addition, the sales market is being driven largely by first-time homebuyers, who lean toward townhouses and other smaller properties. Moreover, many of today’s consumers see smaller homes as a good fit with their environmental and ecological values.In response to the trend toward less space, nearly nine of 10 builders polled by the National Association of Home Builders are erecting smaller units.Source: Baltimore Sun (09/08/09) Cho, Hanah