The American Dream Is Getting Smaller
Not only are there way too many big homes on the market
, but there is now far less desire for people to ever own a "McMansion". A recent survey conducted by Trulia shows that American's attitudes towards home ownership, and the size of homes they desire to own has drastically changed over the past few years. Many people who bought large homes during the boom, now realize that they don't need nearly as much space.In the Trulia survey, just 9% of Americans adults desire a home bigger than 3,200 square feet. 13% of adults want a home between 2,601 and 3,200 square feet. 27% wanted a house between 2,001 and 2,600 square feet .28% desire homes between 1,401 square feet and 2,000 square feet and 9% want homes smaller than 1,400 square feet.
American's attitudes aren't just changing towards a desire for smaller homes, many actually feel that home ownership is no longer part of the American Dream. At the height of the housing boom 77% of American's thought it essential to own real estate in order to achieve their own personal American Dream. Now, that amount is down to 72%.
One of the key indicators that lead to these low results is the lack of jobs. People that don't have good paying jobs don't dream big. The biggest reason homeowners indicated that they wouldn't be interested in buying a new home is money. 59% said they needed more money for a down payment. 35% said they needed a new job to be able to afford a home. 29% said they might be persuaded to buy if they got a promotion or pay raise.
People need money for the down payment, and need to have the confidence that they will be able to pay their mortgages so they don't become one of the many foreclosure victims. 27% of Renters said they had no desire at all to ever own a home. 68% of renters said they wouldn't be able to buy for at least another two years.
Up until now, the average home size has increased every decade for nearly a century. That trend has change and American's are finally becoming more moderate in their desire for a home. While the recession continues, owners of larger homes will have a very hard time selling. Real estate values of these big homes will likely see substantial declines.
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