Square footage isn’t always at the top of the list when you’re buying a home, but as the infographic below illustrates, it probably should be.
Trulia conducted a poll surveying folks in several different demographics and the study showed that most people are not content with the size of their home.
There are distinct advantages to owning a smaller home. The obvious ones are purchase price, cost of utilities, insurance and taxes, saving money on upkeep and repairs, plus it’s easier to keep clean. Then there are the more subtle benefits like being able to afford the hot inner-city neighborhood, or being able to get more creative with upgrades and furnishings as there’s less space to fill. Not to mention the more cozy, intimate atmosphere of a smaller home.
A larger home can better accommodate entertaining, guests or multi-generational living situations, and gives you enough space for a bit of personal privacy. In a Buyers Market it may be wise to consider a larger home as buying a home in a down market gets you more house for your money.
Infographic: Size Matters: Are You Happy with your Home’s Square Footage?
By Zoe Eisenberg
Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com
When it comes to a home’s square footage, Americans seem to have a Goldilocks mindset: too big, too small, jussstttt right. At least, this is the consensus from a recent Trulia/Harris Poll study. The study, which surveyed over 2,000 American homeowners, found that most folks want a different sized home than the one they’re in now; however, they don’t necessarily want to go bigger. Today’s average new home size is over 2,700 square feet, 57 percent larger than homes built about 40 years ago. It’s undeniable that homes are getting larger. But interestingly enough, just because the average home size is getting larger doesn’t mean everyone is looking for more square footage. In fact, 60.6 percent of those questioned were looking to downsize. It seems more space doesn’t necessarily mean more comfort.
Below are some key findings from the survey:
- As expected, age matters when it comes to size. Only 26 percent of baby boomers surveyed would upsize their homes, whereas 46 percent of millennials would like to add more square footage.
- Only 32 percent of those surveyed would choose a home the same size as the one they’re currently living in if they decided to move within a year.
- Out of survey respondents currently living in homes larger than 2,000 square feet, only 39.4 percent would choose a larger home, compared to 60.6 percent looking to downsize.
- One interesting takeaway from the study is based on income. It seems the more affluent hope to minimize their square footage, whereas those with smaller incomes want to score more space. Seem backwards? It isn’t. Fifty-three percent of those making more than $150,000 a year hope to downsize, whereas 65 percent of those making under $150,000 say that would snag a bigger spot if given the chance.
For more data from the survey, click here.
Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at email@example.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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