Not only are there way too many big homes on the market, but there is now far less desire for people to ever own a "McMansion". A recent survey conducted by Trulia shows that American's attitudes towards home ownership, and the size of homes they desire to own has drastically changed over the past few years. Many people who bought large homes during the boom, now realize that they don't need nearly as much space.
Of those surveyed by Trulia, just 9% said they wanted a house bigger than 3,200 square feet. 13% wanted houses between 2,600 and 3,200 square feet, and more than half wanted homes between 1,400 and 2,600 square feet. 27% desired homes in the 2,000 and 2,600 square foot range, while 28% wanted homes bigger than 1,400 square feet but smaller than 2,000 square feet. A small minority, just 9% wanted houses that were smaller than 1,400 square feet.
American's attitudes aren't just changing towards a desire for smaller homes, many actually feel that home ownership is no longer part of the American Dream. At the height of the housing boom 77% of American's thought it essential to own real estate in order to achieve their own personal American Dream. Now, that amount is down to 72%.
People would probably be more optimistic about the housing market, if they were more confident in their current job situation. Of renters surveyed, 59% felt they needed to save more for a down payment before they would be able to buy a house. 29% said they would consider purchasing real estate if they received a promotion.
Until we see the job market improve, we will likely not see the housing market improve. 68% of those surveyed said that they wouldn't buy a house for at least two years, and 27% of current renters may never buy a house at all.
The average U.S. home size has increased each decade since the 50s, but it appears that that trend is now coming to an end. Because demand for big homes is down, expect home values for luxury homes in most areas to drastically decline over the next few years.
Of those surveyed by Trulia, just 9% said they wanted a house bigger than 3,200 square feet. 13% wanted houses between 2,600 and 3,200 square feet, and more than half wanted homes between 1,400 and 2,600 square feet. 27% desired homes in the 2,000 and 2,600 square foot range, while 28% wanted homes bigger than 1,400 square feet but smaller than 2,000 square feet. A small minority, just 9% wanted houses that were smaller than 1,400 square feet.
American's attitudes aren't just changing towards a desire for smaller homes, many actually feel that home ownership is no longer part of the American Dream. At the height of the housing boom 77% of American's thought it essential to own real estate in order to achieve their own personal American Dream. Now, that amount is down to 72%.
People would probably be more optimistic about the housing market, if they were more confident in their current job situation. Of renters surveyed, 59% felt they needed to save more for a down payment before they would be able to buy a house. 29% said they would consider purchasing real estate if they received a promotion.
Until we see the job market improve, we will likely not see the housing market improve. 68% of those surveyed said that they wouldn't buy a house for at least two years, and 27% of current renters may never buy a house at all.
The average U.S. home size has increased each decade since the 50s, but it appears that that trend is now coming to an end. Because demand for big homes is down, expect home values for luxury homes in most areas to drastically decline over the next few years.
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