Could it be true? Has the “McMansion Era” finally come to an end? Surprisingly, recent survey results reveal that a majority of Americans prefer smaller homes.
During the 80s and 90s, large, opulent homes, dubbed “McMansions,” were what many U.S. homebuyers wanted. However, in our recent consumer lifestyle survey of nearly 1,500 Americans between the ages of 18 and 60, 48 percent indicated that their ideal home size would range from 1,000 to 1,999 square feet, while less than a third said they’d want a 2,000 to 2,999-square-foot home.
What do you think – have the days of the 3,000+ square-foot McMansions come and gone?
Additionally, the survey found that cost of a residence is NOT the #1 deciding factor when purchasing a home. In fact, only 29 percent of respondents stated that living costs was the most important reason when relocating. We also found that Americans prefer to live in the suburbs (54 percent of respondents) and only 24 percent of those who responded preferred to live in an urban area.
Are you as surprised by these findings as we were? What do you think this means for Americans and real estate in the next five to 10 years?