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American's Have Less Demand for Really Big Houses
Since the onset of the recession, American's attitudes towards home ownership have changed. Trulia recently conducted a survey that shows that almost all American's want modest homes and not McMansions. Priorities have changed, as many people who bought large houses during the housing boom have now been foreclosed on. American's realize that they don't need large houses to be happy.
Of those surveyed by Trulia, just 9% said they wanted a house bigger than 3,200 square feet. 13% wanted houses between 2,600 and 3,200 square feet, and more than half wanted homes between 1,400 and 2,600 square feet. 27% desired homes in the 2,000 and 2,600 square foot range, while 28% wanted homes bigger than 1,400 square feet but smaller than 2,000 square feet. A small minority, just 9% wanted houses that were smaller than 1,400 square feet.
People don't just desire smaller homes than they did in previous years, there are now also less people who even feel home ownership is part of their "American Dream". During the housing boom, 77% of American's considered home ownership an essential part of their American dream, now just 72% consider home ownership necessary to achieve their personal American Dream.
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.
68% of the renters surveyed claimed that it would be at least a couple of years before they would be able to purchase real estate. 27% said that home ownership wasn't even a priority for them.
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.
Of those surveyed by Trulia, just 9% said they wanted a house bigger than 3,200 square feet. 13% wanted houses between 2,600 and 3,200 square feet, and more than half wanted homes between 1,400 and 2,600 square feet. 27% desired homes in the 2,000 and 2,600 square foot range, while 28% wanted homes bigger than 1,400 square feet but smaller than 2,000 square feet. A small minority, just 9% wanted houses that were smaller than 1,400 square feet.
People don't just desire smaller homes than they did in previous years, there are now also less people who even feel home ownership is part of their "American Dream". During the housing boom, 77% of American's considered home ownership an essential part of their American dream, now just 72% consider home ownership necessary to achieve their personal American Dream.
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.
68% of the renters surveyed claimed that it would be at least a couple of years before they would be able to purchase real estate. 27% said that home ownership wasn't even a priority for them.
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.
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