After five years of downsizing, homeowners are “upsizing” once again. A growing family and a need for more living space are two of the primary reasons. There appears to be a renewed sense of optimism in housing. Homebuyers, regardless of their stage of life, still want and need larger homes.
According to the U.S. Census Bureau, the average size of homes nationwide increased between 2010 and 2011 by 3.7 percent — the first such jump since the housing bubble collapsed in 2007. Roughly 84 percent of homeowners between the ages of 18 and 59 surveyed said they did not have plans to downsize.
According to a study conducted by the American Institute of Architects, many of the increases have come from larger homes in urban areas — whether through remodels or redevelopments — rather than suburban homes, where it has primarily been in recent decades. Also, demand for multi-generational housing has increased substantially.
Of course, this also indicates good things about the housing market and the broader economy. If people are buying larger and larger homes — especially considering the downward trend during the recession — then people are likely finding more money to spend thus helping to boost our economy.
Whatever size house is right for you and your family, thecovenantteam.com is here to help make it your home. Contact Joy Ziminskas or Carolyn Cantrell of The Covenant Team at Service First Mortgage to learn how.