Source: Business Week. Death of the McMansion Has Been Greatly Exaggerated
McMansions may not be as popular after the Great Recession of 2008, but Americans still want larger homes. The National Association of Home Builders recently released their nationwide 2011 survey "What Home Buyers Really Want." NAHB surveys new and potential homebuyers preferences for "home type and size, room layout and design, kitchen and baths, windows and doors, accessibility and outdoor features, electronics and technology in the home, energy efficiency, choosing a community, and trade-offs buyers are willing to make."
Thank you to The Urban Land Institute for providing an overall summary of the data.
Some interesting findings:
1) The average new single-family house is now over 2,500 sq. ft. and continuing to trend larger.
2) This trend reflects the preferences of higher-income families that can afford large downpayments and financing in a tight mortgage market.
3) According to the NAHB most buyers aspire to own a home with a median of 2,226 sq. ft.
4) The majority of people surveyed want 3 to 4 bedrooms and 2.5 bathrooms.
5) Most interesting: apparently 6 of 10 people surveyed would go without a living room.