Entry-level Homes Making a Comeback.
In recent years, the tiny-home trend has taken that philosophy to the extreme. While this trend has been overwhelmingly popular, many home buyers in America prefer entry-level homes that include ample space in which to live, relax and entertain.
The median size of homes built in 2015 was bigger than ever. The portion of those homes with four or more bedrooms grew to 47 percent. But so far in 2016, the median home size appears to have leveled off after several years of gradual growth. In fact, the first half of 2016 saw median square footage of single-family homes decline slightly from 2,465 to 2,392. Some might assume that any decline is a negative sign. However, economists know that this is a positive step in the post-recession cycle of economic recovery.
“History has shown us this pattern before when the country was recovering from previous recessions,” says NAHB Chief Economist Robert Dietz. “When the recession began, production of larger, high-end homes ramped up because the buyers of those homes typically had fewer credit constraints than the would-be buyers of more modest homes. But this recent decline in home size indicates that smaller homes are increasingly popping up as the economy strengthens and more entry-level buyers return to the market.”
An expanding market of entry-level homes typically include increased production of townhomes, which range considerably in size and price. As a result, they are often times smaller and less expensive than single-family homes. Townhomes make up a relatively small share of the new homes being built. Medium-density “urban village” neighborhoods with conveniently located amenities make these entry-level homes very appealing for younger buyers.
From large, custom homes to smaller, entry-level homes and everything in between, Archival Designs and builders across the United States are creating dream homes for their clients each and every day. Contact our home plan specialists at 770-831-6363 to learn more about the countless benefits of owning a new home. Source: NAHB
- Tags: House Plan Trends
- Joanne Loftus