The housing crisis may have wiped out Lehman Brothers, Iceland, and the credit of home buyers across the nation. But it didn’t put a dent in the McMansion.
Oh, for sure, the average size of new single-family houses dipped a bit between 2007 and 2009. After ticking up slowly over the course of the 1990s and ramping up a bit more quickly in the first half of the 2000s, the party came to a halt in 2008, when the average square feet of new homes fell 3 square feet.
But the bounce is back. Between 2010 and 2011, the average size of new houses grew from 2,392 square feet to 2,480 square feet—the biggest push since the late 1980s, according to Census data. Last year, the mean square footage for a new U.S. home crested 2,600 square feet for the first time. Median square footage is rising the same way. The trend is being driven by a surge in the construction of ginormous houses….
So why are builders providing such large houses? Mostly, it’s a matter of practicality: high wage earners have the cash and credit score to close the deal, and today entry-level buyers, mostly Millennials, don’t have the cash, the credit score, or the savings to buy a house; thus small houses aren’t selling and large houses are.
Read more at http://ochousingnews.com/blog/tiny-house-movement-loses-ground-to-mcmansions/