Say goodbye to the McMansion
29.08.2010 00:01
Say goodbye to the McMansion
The end of the McMansion era is nigh as the American home shrinks. By Les Christie, staff writerAugust 26, 2010: 12:33 PM ETNEW YORK (CNNMoney.com) -- The American home is shrinking. Toll the bell for the McMansion.
After years of growth, the Census Bureau recently reported that median new home size fell to 2,135 square feet in 2009 after peaking at more than 2,300 earlier in the decade.
"Home buyers are asking for less, cutting back on options and reducing square footage," said Steven Pace of the North Carolina-based Pace Development Group, which builds both custom and tract houses ranging in price from below $250,000 to more than $2 million.
"They're saying, 'Maybe we don't need that 5,000 square footage;" he said. "'Maybe our bath doesn't need to be big enough for our whole family and all our neighbors to take a shower at the same time.'"
Kermit Baker, chief economist for the American Institute of Architects, pointed out that consumers don't ask for as much for spaces devoted to single purposes, such as media rooms for watching videos and game rooms for shooting pool. Instead, the requests are for rooms with shared uses.
"We continue to move away from the 'McMansion' chapter of residential design," he said.
Now, the typical U.S. owner-occupied home has six rooms, with three of them being bedrooms, according to the Census Bureau's annual American Housing Survey. The most common number of baths is two or more.
For those who remember the days of long, hot summers. Those are over, too. Nearly 90% of all new homes now have central air conditioning. And 63% of all homes are now cooled.
These are a big increases from even 10 years ago, when only 52% of owner-occupied homes -- i.e. non-rental properties or second homes -- boasted central air.
More than three-quarters of all homeowners now load up dishwashers, up from 65% a decade ago. And garbage disposals can be found in nearly half of owner-occupied homes, up from 46%.
On a broader scope, the survey revealed that, despite the recent hoopla about the new urbanism and return to cities, most Americans still lead a "Leave it to Beaver" lifestyle.
Of the more than 76 million owner-occupied homes in 2009, 63 million were traditional detached, single-family residences. And city dwellers, you're outnumbered: Far more homeowners live in the suburbs than in cities.
Regionally, the South, held the largest number of owner-occupied units, followed by the Midwest, then the West and finally the Northeast.
#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;} First Published: August 26, 2010: 5:48 AM ETRight Now
Reading on nation's economic health shows annual growth of 1.6% in second quarter, although slowdown is less than feared. With American concert-goers giving it the cold shoulder, Live Nation is turning to international fans -- with limited success The web can be a great tool for remodeling your home -- if you know the best way to use it.
| 30 yr fixed mtg | 4.36% |
| 15 yr fixed mtg | 3.87% |
| 30 yr fixed jumbo mtg | 5.45% |
| 5/1 ARM | 3.44% |
| 5/1 jumbo ARM | 4.27% |
Find personalized rates:
Bankrate.com.
Since 1974, Ray's Candy Store has been satisfying New Yorker's taste buds 24 hours a day, 7 days a week. Chris and Chrissy Peplinski are determined to reach the highest credit rating possible: 850 points. Dick Costolo, COO of the micro-blogging site explains how Twitter hopes to one day turn tweets into profit.
| Markets | Last | Change | % Change |
|---|---|---|---|
| 10,150.65 | 164.84 | 1.65% | |
| 2,153.63 | 34.94 | 1.65% | |
| 1,064.59 | 17.37 | 1.66% | |
| 2.65 | 0.15 | 6.12% | |
| 1.28 | 0.00 | 0.36% |
| Company | Price | Change | % Change |
|---|---|---|---|
| 3.76 | 0.10 | 2.73% | |
| 12.64 | 0.17 | 1.36% | |
| 18.37 | 0.19 | 1.05% | |
| 11.56 | 0.39 | 3.49% | |
| 20.81 | 0.11 | 0.53% |
Sections
The proposed merger is expected to close Oct. 1 after the Department of Justice closes an antirust probe. Shareholders to vote Sept. 17. | Obama wants to raise taxes on rich and extend tax cuts for middle class. But some Dems oppose raising taxes -- even on rich -- in a faltering economy. | Paul Allen alleges 11 big companies are using technology he owns. | New York state is ramping up enforcement of its sliced bagel tax. | The financial industry may have recovered from the crisis, but its poor reputation has the the middle class looking for ways to manage their money elsewhere |
Please create a screen name to access this feature.
Screen name (Select one with 3-12 characters; Numbers and letters only)
Forgot password
Enter your e-mail address below and we will send you an e-mail with a link and code to reset your password.
Password selection
Reset code
New password
Log in & let's get started!
Password
Remember me for two weeksNot a member yet?
Sign up or
Screen name
Select one with 3-12 characters;Numbers and letters only
You will receive an e-mail to validate your account
Password
Make it 6-10 characters, no spacesType what you see in the grey box
If you can't read this,Yes, I would like to receive occasional CNNMoney member updates about new features and special offers.
CNNMoney will use the information you submit in a manner consistent with our . By clicking on "sign up" you agree with and and consent to the collection, storage and use of this information in the U.S. subject to U.S. laws and regulations. ()
For our international users, please be aware that the information you submit when registering for our services is collected in the United States of America. In addition to being subject to our Privacy Policy, the collection, storage, and use of your data will be subject to U.S. laws and regulations, which may be different from the laws and regulations of your home country. By registering for this service, you are consenting to this collection, storage, and use.
We're Sorry!
This service is temporarily unavailable. Please try again soon.
Thanks!
Please check your e-mail and click the link to confirm your membership. Then, you'll be ready to participate in all activities and conversations on our site.
Add comment