Home Size Preference Varies with Age, Ethnicity NAHB Finds

A survey by the National Association ofrnHome Builders (NAHB) has found that the size of a home preferred by home buyersrnvaries by age, race, and ethnicity.   Thern3,600 home buyers surveyed recently by NAHB preferred a home with a median ofrn2,226 square feet, but size home dropped steadily as the respondent’s agernrose.  Those younger than 35 specified arnmedian of 2,494 square feet as ideal while those over age 65 preferred a homernof 2,065 square feet.</p

“The building industry wants tornknow how much space buyers want in their homes” said Rose Quint, NAHB’srnassistant vice president for survey research, and one of the study’s authors. “Thisrnstudy provides us with new insight into the home size preference of home buyersrnas a whole, but also across different demographic groups.”</p

Minority buyers desired more space thanrnWhite, non-Hispanic buyers.   Asianrnbuyers had a median ideal home of 2,280 square feet, Hispanic buyers specifiedrn2,347 square feet, and African-American buyers 2,664 square feet.  White, non-Hispanic buyers wanted thernsmallest homes with a median of 2,197 square feet.</p

According to the U.S. Census Bureau thernmedian home size peaked in 2006 but then fell over each of the next threernyears. It has now been rising since 2010 and estimates indicate that the medianrnsize of all single-family homes started in 2012 was 2,309 square feet, and thernaverage was 2,521 square feet.<br /<br /The availability of credit and hence home prices are the primary reasons homernsizes are growing again.  Due tornstringent mortgage lending requirements in recent years, home buying and buildingrnhave reflected the preferences of those who are still able to obtain credit andrnput down larger down payments–typically wealthier buyers who can afford largerrnhomes.

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