Long-shrinking homes begin to grow again
Even as the U.S. economy struggles to rebound from the worst recession since the Great Depression, Americans are living larger.
Larger, as in larger homes: two-story foyers, twin front staircases, children’s wings, dedicated man caves, coffee bars, four-car garages and bedroom closets large enough for a fifth vehicle.
The percentage of new single-family homes greater than 3,000 square feet has grown by one-third in the last decade, according to data released last month by the U.S. Census Bureau. Slightly more than 1 in 4 new homes built last year were larger than 3,000 square feet, the highest percentage since 2007.
The average U.S. rates on fixed mortgages dropped again to record lows, giving would-be buyers even more incentive to brave the housing market.
Home ownership has a significant impact on net worth, educational achievement, civic participation, health, and overall quality of life. And, home ownership helps create jobs—lots of them—right here at home.
You’re in the market to buy. You’ve probably given a lot of thought to the type of home you want as well as your budget and buying price range. There’s an additional topic, though, that requires your careful consideration. Which neighborhood is right for you?
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