Across the nation smaller homes are all the rage. So called "McMansions" are not as popular as just a few years ago. According to a recent article in Investor's Business Daily, a median sized new home in the 1950's was just under 1,000 Sq. Feet. By 1970 the median was 1,400 Sq. Feet, and this changed to more than 2,400 by 2004. Last year the trend reversed direction and the national median is now 2,200 Sq. Feet.
Median square footage may tell us about trends, but the fact is that each family has its own unique needs and wants. What is important is to "right size." Home buyers need to pay attention to price so that a home fits into their budget. Each family should feel comfortable that they can cover the mortgage each month and other costs of living. What a person qualifies for in terms of mortgage and what is realistic may not be the same thing. Anyhow, tied to the price issue is "right size." Assess your current and future size needs and plan your home search accordingly. Buy what you need and afford. Although a home can be investment it is primarily for shelter and security. Plan accordingly!
Median square footage may tell us about trends, but the fact is that each family has its own unique needs and wants. What is important is to "right size." Home buyers need to pay attention to price so that a home fits into their budget. Each family should feel comfortable that they can cover the mortgage each month and other costs of living. What a person qualifies for in terms of mortgage and what is realistic may not be the same thing. Anyhow, tied to the price issue is "right size." Assess your current and future size needs and plan your home search accordingly. Buy what you need and afford. Although a home can be investment it is primarily for shelter and security. Plan accordingly!
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