Posted in Industry News
New Homes are Bigger Because Buyers Have More Income
The average size of new homes in this country has seen a steady increase since early 2013 according to a new report from the National Association of Home Builders. Data from the Census Bureau shows that new home construction will see the perpetuation of this trend in 2014, as the share of homes with 4+ bedrooms, 3+full baths, 2-stories and 3-car garages continues to rise.
Why are so many new homes getting bigger? The answer is as simple as looking at who is buying these homes, according to the report. In recent years, the average new home buyer is a person with a high income and a very good credit score. So in short, someone who can afford a larger home.
2013’s average home size came in at 2,679 square feet, roughly 150 feet larger than the average home size in 2012 and the fourth consecutive rise since bottoming out in 2009 at 2,362 square feet.
Read the full article from NAHB here.
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