As more homebuyers see a new home as a place to live rather than an investment, small has become the new big.
Last year, the average size of a new single-family home decreased for the first time in nearly 14 years. According to the Census Bureau, a new home averaged 2,215 square feet last year, down from 2,277 square feet in 2007.
Budget conscious homebuyers have a whole new mentality after the housing bubble burst, and real estate agents and economists say consumers are more interested in containing costs, after watching their investments and retirement plans disappear. Although history has shown that average home sizes decreased in previous recessions, only to creep back up as the economy improved, Kermit Baker, chief economist for the American Institute of Architects says this time, it may be different.
http://www.nj.com/business/index.ssf/2009/09/americans_lose_their_appetite.html
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