Homeowners Tell All — Bigger isn’t Always Better

Homeowners tell all – bigger isn’t always better

Majority of homeowners not satisfied with current home size

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The phrase bigger is better doesn’t necessarily ring true for homeowners, of whom many would rather live in a home that’s smaller than their current house.

The size home homebuyers are actually looking for depends on the size home they are currently in and their generation, an online survey on behalf of Trulia by Harris Poll showed. The poll indicated a lot of dissatisfaction among Americans regarding their home size, even as home sizes increased.

Currently, the size of new homes built in the U.S. are at record highs with an average of 2,700 square feet. This is an increase of 57% from homes built 40 years ago. But as it turns out, Americans don’t necessarily want larger homes.

The survey shows that only 32% of respondents are satisfied with their current size house, and would move into the same size home if they moved this year. And if they had to move within the next 10 years, only 29% of homeowners said they would move into the same size home.

This chart shows that if homeowners had to move now, the majority would move into larger homes. However, looking into the future, just as many said they would move into a smaller home as those who said they’d move into a larger one.

Click to Enlarge

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(Source: Trulia)

Besides time, two other factors also play a role in determining if homeowners want a smaller or larger home: the size of their current home and the age of the homeowner.

The survey showed that those living in the largest homes, homes larger than 2,000 square feet, were more likely to say they will downsize if they were to move within the year. For those living in homes currently sized 2,001 to 2,600 square feet, 6% more Americans said they would downsize than those who said they would move into a larger home.

And the most significant difference was seen in those who live in homes over 3,200 square feet. About 70.3% of these homeowners said they would live in a smaller home compared to 29.7% who said they would move into a larger home.

The survey also showed Millennials are more likely to want larger homes, whereas Baby Boomers are more likely to want to downsize.

This chart shows that while Baby Boomers are more likely to want a smaller home as their current home size gets larger, Millennials answered the opposite.

Click to Enlarge

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This entry was posted in Home Buying, Home Selling, Homeownership, Market Conditions and tagged , , , , , , . Bookmark the permalink.

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