NAHB: Single-family home size keeps on growing despite pandemic
According to the National Association of Home Builders, home sizes are increasing as a result of the COVID-19 pandemic.
The viral crisis is projected to increase the need for residential space as individuals use their houses for more purposes, including employment.
Recent evidence confirms that this market impact is still occurring.
The typical single-family square floor space climbed to 2,338 square feet in the fourth quarter of 2021, according to data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis.
The average (mean) square footage of new single-family dwellings has risen to 2,561.
Since the Great Recession’s lows (and on a one-year moving average basis), the average size of new single-family homes has increased by 6.3 percent to 2,537 square feet, while the median size has increased by 10% to 2,312 square feet.
From 2009 to 2015, home size increased as entry-level new buildings were limited. Between 2016 and 2020, home size decreased as more starter homes were built.
NAHB anticipate that home size will continue to grow in the future, owing to a shift in consumer demand for more space as a result of the growing use and roles of homes (for employment, among other things) in the post-Covid-19 context.