Posted by: realtormarkpalace | December 8, 2010

More Americans want a smaller home in the suburbs

NEW YORK – Dec. 6, 2010 – McMansions are rapidly becoming the housing equivalent of harvest gold appliances as more Americans opt for smaller residential footprints, according to a consumer lifestyle survey.

In the Relocation.com lifestyle survey, homeowners and buyers were asked to weigh in on what they considered the ideal home size. Forty-eight percent of the respondents indicated that their ideal home size would range from 1,000 to 1,999 square feet, while 29 percent prefer homes that are 2,000 to 2,999 square feet. By comparison, five years ago, according to NAHB (National Association of Homebuilders) the average home’s square footage was 2,400 square feet, nearly 400 square feet bigger than what many homebuyers desire today.

The survey also found that 54 percent of Americans indicated a preference for living in a suburban neighborhood. Urban and rural neighborhood settings were preferred by 24 percent and 22 percent, respectively, of survey participants. Surprisingly, the survey revealed that cost of a residence is not the main deciding factor when purchasing a home. In fact, only 29 percent of respondents stated living costs as the most important reason when considering a move.

“We’re definitely seeing more Americans downsizing due to the current state of the economy,” said Relocation.com Chairman and Founder Sharon Asher. “But as more homeowners rethink how much space they need, I think we’ll continue to see more innovative approaches to living well and sustainably within a smaller footprint.”

The survey of subscribers to Relocation.com was conducted in mid-October, 2010. The company sent email invitations to 146,000 people who expressed an interest in relocating. For the full survey results, go to: http://www.relocation.com/survey/102010_us_consumer.html.

© 2010 Florida Realtors®

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