Most American’s Want Modest Homes – Not McMansions
Throughout most areas in the United States there is a large over supply in real estate inventory, especially among the larger homes. A recent study by Trulia shows that American’s have changed their attitudes towards the kind of real estate they want to buy. Most American’s just want a modest home, and very few actually want the McMansions that were so popular during the housing boom.
In the Trulia survey, just 9% of Americans adults desire a home bigger than 3,200 square feet. 13% of adults want a home between 2,601 and 3,200 square feet. 27% wanted a house between 2,001 and 2,600 square feet .28% desire homes between 1,401 square feet and 2,000 square feet and 9% want homes smaller than 1,400 square feet.
American’s attitudes aren’t just changing towards a desire for smaller homes, many actually feel that home ownership is no longer part of the American Dream. At the height of the housing boom 77% of American’s thought it essential to own real estate in order to achieve their own personal American Dream. Now, that amount is down to 72%.
The primary reason people are less optimistic about home ownership, and dreaming big is because they do not feel secure with their current job situation. The Trulia survey shows that 59% of current renters felt they needed more money for a downpayment before they would buy a house. 29% of those surveyed would consider buying a home if they had a pay raise or received a promotion.
Until we see the job market improve, we will likely not see the housing market improve. 68% of those surveyed said that they wouldn’t buy a house for at least two years, and 27% of current renters may never buy a house at all.
While American home sizes have increased every decade for the last sixty years, we will see that trend end. The economy and job market has taken its toll on American’s confidence. Large high end homes will be especially difficult to sell over the next few years, and these properties will see the most significant drops in value.
If you’re looking for Woodlawn Real Estate, moderate houses, or Big Homes in Wisconsin, be sure to check out real estate in Wisconsin.
categories: real estate,homes,houses,home ownership,american dream,home buying,home selling,housing
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