New Home Size Increases As Demand for More Space Continues
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midst the Coronavirus’s resurgence, demand for new single-family homes rose in Q2. This comes as the need for more spaces continues. The median size of a single-family home rose to 2,297 sq. ft, while the average sq. ft. rose to 2,540. According to NAHB analysis, the median home size consistently increased between 2009 and 2015 due to new building constraints. Although it declined from 2016 to 2020, demand started to rise again as more homes were built. The change in preference for additional space is attributed to the recent Covid-19 resurgence.
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HOME SIZE DECREASED PRE-PANDEMIC Before the advent of the pandemic in the United States, which led to the country’s recession in 2020, demand for larger spaces declined as builders constructed more new single-family homes. This eventually leveled up the market. As a result, the mean square footage decreased to 2,464. For a few months, it remained like this, especially as more millennials entered the market to acquire affordable homes. But now, the pandemic has sparked the desire for more spaces. People want larger homes to craft office spaces where they can work remotely. According to real estate expert Rose Quint, builders are requesting to construct additional larger homes to meet more rooms. Quint, a researcher for the National Association of Home Builders, says she estimates the number of larger single-family houses to increase in Q4 of 2021 until 2022, especially with the recent development on the zoning bills. 20 l
LARGER HOMES COME AT A PRICE AND POSE HEALTH RISKS Larger homes may give you more spaces for your activities, but they are not without their downsides, such as additional expenses and more carbon emissions. Larger spaces use more energy than smaller homes, so running expenses will be high. In addition, according to Maurie Cohen, who works at the Institute of Technology in New Jersey, building larger homes will increase greenhouse gas emissions and worsen climate change. Cohen said, ”There has been very little attention devoted to the fact that if we’re really serious about reducing greenhouse gas emissions and making a meaningful contribution on climate change, that one of the more surefire ways of doing so is by focusing on a reduction in home size.” Despite the widespread call for larger homes, only a few people can afford them. Home prices are surging, with single-family houses leading
THE POWER IS NOW MAGAZINE | OCTOBER 2021
