Houses Shrink With the Times
Since 1973 the square footage of houses built in the United States grew steadily — until last year when the size of the typical home shrunk by 11 percent."
People are realizing, 'Hey, I don't need the Lexus anymore,'" says Wayne Eide of the Development Group, builder of the Terraces in Yuma, Ariz. " 'I can live with the Camry.'"About 90 percent of the homes that members of the National Association of Home Builders are building this year are smaller now — whether they like it or not.
"A lot of the movement of home builders to smaller homes is because there's no choice," says Eric Landry, an analyst who follows builders for Morningstar. "For people who build homes, it is the Great Depression. They're basically in survival mode, so they do what they have to do."
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