New NAHB Study Shows Correlation Between Age and Desired Home Size

April 01, 2013

NAHB study shows age and home size linkWhile we tend to think bigger is better with everything from burgers to cars, a new study by the National Association of Home Builders (NAHB) shows this is not the case when it comes to buyer sentiment. In a survey of 3,600 home buyers across the country on various home traits, the NAHB’s “What Home Buyers Really Want” report shows significant data on buyer characteristics.

For instance, while the median home size in the newest study is 2,226 square feet, the amount desired drops steadily as buyers get older. Among those younger than 35, the desired home size is 2,494 square feet, which is compared to 2,065 square feet among those 65 and older. With a growing segment of buyers seeking active adult designed homes, this data on desired size becomes invaluable for builders looking to build homes with their target buyer in mind.

While home size peaked in 2006 during the housing boom, sizes then shrunk through the recession. Sizes have been rising again since the bust as buyers have better access to credit, but not necessarily how you would expect. Estimates indicate that the median size of all single-family homes started in 2012 was 2,309 square feet and the average was 2,521 square feet. This is because the buyers that are out there have only been able to secure financing with large down payments; usually these buyers are wealthier and can afford larger homes, which skew the averages up above what is commonly desired.

What is the ideal size for your next Chicago new home? Is that bigger or smaller than the average for your age? Share with us in the comments!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

Leave a Comment