SEATTLE NEWS ARCHIVES & FEATURES
Supersize it: Prices, rates leading to bigger homes
Oct 1, 2012, 7:24 AM | Updated: Mar 4, 2016, 5:55 am
With housing prices at their cheapest levels in decades, some buyers are finding it a great time to trade up to a larger home. (AP Photo)
(AP Photo)
With housing prices at their cheapest levels in decades, some buyers are finding it a great time to trade up to a larger home.
Sales of larger homes have risen in many places in recent months. For example, KB Homes reports a 17 percent increase nationwide in the appetite for larger home sizes. In Sacramento, Calif., large-home sales have surged 24 percent with the average square foot rising to 2,100 in the second quarter compared to less than 1,700 square feet in 2010.
“Low prices, low interest rates, and the marginally small cost of getting a bigger house are fueling the demand,” according to the Sacramento Bee. “It’s sort of like a super-sized drink at a fast-food restaurant; it doesn’t cost that much more than a small one, compared to the extra soda you’re getting.”
Homes have been getting larger since after World War II, but retreated somewhat during the recession as more households saw their incomes drop, according to the U.S. Census Bureau.
For example, the average home size in the early 1970s was 1,660 square feet. In 2007, home sizes peaked at 2,521 square feet. During the recession, home sizes shrank slightly to 2,392 square feet but started to rebound in 2011, moving up to 2,480 square feet.
