According to the U.S. census, the average size home in America is actually starting to decrease. Since the market peak in 2007 homes in the US have shrunk approximately 108 on average from 2,277 in 2007 to 2,169 in 2010. This data, of course, is for new construction, which over the past few years has pretty much fallen off a cliff.
Check out the data below (click for a large view)
How does this compare with the rest of the world? The rest of the world still lives in much smaller houses than the U.S. Take a look at the chart below, which brilliantly illustrates this point.
Looking at this shows me a few things. When American families cry about being in debt, and having it rough because their mortgages are too big and they can’t afford them, well, it’s probably because they bought too big a house! Take a page out of our European counterparts and live smaller, which will reduce your consumption and payments. You may not exactly fit in with the Joneses, but you’ll be able to have a lot more freedom. That is, of course, unless you live in Manhattan.
How does your home compare with the average?
Do you think the trend towards smaller houses will continue in America, or is just a bump in the road caused by the recession?
Image from rutlo