More Americans Seek Smaller Homes

More Americans Seek Smaller Homes in the Suburbs, According to Relocation.com Survey

December 1, 2010—McMansions are rapidly becoming the housing equivalent of harvest gold appliances as more Americans are opting for smaller residential footprints, according to a new Relocation.com consumer lifestyle survey. In this new Relocation.com lifestyle survey, homeowners and buyers were asked to weigh in on what they saw as the ideal home size. Forty-eight percent of the respondents indicated that their ideal home size would range from 1,000-1,999 square feet, while 29% prefer homes that are 2,000-2,999 square feet. By comparison, five years ago, according to NAHB (National Association of Homebuilders) the average home’s square footage was 2,400 square feet, nearly 400 square feet bigger than what many home buyers desire today.

The survey also found many Americans still find the suburban lifestyle attractive. Desiring a home near the city but still away from the ‘hustle and bustle,’ 54% of Americans indicated a preference for living in a suburban neighborhood. Urban and rural neighborhood settings were only preferred by 24% and 22%, respectively, of survey participants. Surprisingly, the survey revealed that cost of a residence is not the main deciding factor when purchasing a home. In fact, only 29% of respondents stated living costs as the most important reason when considering a move.

“We’re definitely seeing more Americans downsizing due to the current state of the economy,” said Relocation.com Chairman and Founder Sharon Asher. “But as more homeowners rethink how much space they need, I think we’ll continue to see more innovative approaches to living well and sustainably within a smaller footprint.”

via rismedia.com

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