New homes are getting smaller. That could be big news for first-time buyers | CNN Business
www.cnn.com
After years of saving, Jordyn Carias and her partner purchased a home for the first time last month. To find a place that didn’t break the bank, she said, they had to go smaller.

…

Compared to other countries, America is known for bigger cars, portions and take-out coffee cup sizes. For most of recent history, Americans have also wanted bigger homes — but now that’s changing.

For most of the last half-century, new single-family homes kept growing. In 1973, the median size of completed single-family homes was 1,525 square feet, according to US Census data. By 2015, that number had ballooned to 2,467 square feet.

But as the cost of buying a home has exploded and McMansions have fallen out of favor, homebuilders have reversed course, building smaller homes with an eye to first-time buyers. In 2023, the median single-family home built was 2,233 square feet, down 9% from the 2015 peak, with many formal dining rooms and “bonus” rooms disappearing.

Carias and her partner ultimately settled on a roughly 920-square-foot home. To maximize space, they decided to use the basement as their primary bedroom.

  • ampersandrew@lemmy.worldEnglish
    102·
    4 months ago

    They didn’t drop it. You didn’t read the article.

    There are signs those efforts might be helping buyers get in the door: The median sales price of existing homes jumped to $426,900 in June, according to the National Association of Realtors, while the median price of new homes in June was $417,300, according to the US Census Bureau.

    • Asafum@feddit.nl
      21·
      3 months ago

      I did read and it’s in my comment (in the form of “it’s 200k+ more than I can afford” referring to their median quote). They specifically say the median price of new homes, they didn’t specify these “starter homes” that the article is supposed to be about.