McMansions, Like Everything Else, Are Shrinking

Average home size declines in what analysts call 'right-sizing'

By Clay Dillow, Newser Staff

Posted Jan 27, 2009 11:14 AM CST

(Newser) – Confirming what industry professionals have long suspected, builders and buyers alike are foregoing super-sized “McMansions” for smaller, more economical homes, the Wall Street Journal reports. The average home started in 2008’s third quarter was 2,438 square feet, down from 2,629 in the second quarter. The median home size also declined, to 2,090 square feet in the third quarter, from 2,291 in the second.

A Better Homes and Gardens survey found 32% of people expect their next home to be smaller than their current space, and a trade group found 88% of builders are planning to build a larger share of smaller homes. Many are giving up oversized homes boasting unused space for smaller, more affordable abodes in which they use the floor plan more economically.

"McMansions" like this one were once a status symbol and a driving force in the housing market. Since the foreclosure crisis set in, home-buyers are thinking more economically. (Getty Images)

A McMansion under construction is offered for sale in Palatine, Ill. (Getty Images)

As the lessons of the mortgage crisis settle in, home-buyers and -builders alike are moving in tandem toward smaller, cheaper homes with more economical uses of space. (Getty Images)

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McMansions, Like Everything Else, Are Shrinking

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Foreclosures Draw Eager Buyers, but Banks Drag Feet

Red tape and bureaucracy hinder efforts to buy repo'd properties

Fannie Mae's Task: Sell 65K Homes in Buyer's Market

Unloading homes quickly while maintaining value, Fannie walks tightrope

Gap Narrows Between Mortgage Payments, Rents

Housing slump prompts shift

Home Prices Plunge Record 15.3%, Boosting Sales

Median US price was $175,400 in December, off 15.3%

McMansion Era May Be Over

Strapped Americans now prefer cozier homes

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McMansions, Like Everything Else, Are Shrinking

Average home size declines in what analysts call 'right-sizing'

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OTHER STORIES ON OUR RADAR

housing market • housing • housing crisis • new housing starts • McMansion • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Foreclosures Draw Eager Buyers, but Banks Drag Feet

Red tape and bureaucracy hinder efforts to buy repo'd properties

Fannie Mae's Task: Sell 65K Homes in Buyer's Market

Unloading homes quickly while maintaining value, Fannie walks tightrope

Gap Narrows Between Mortgage Payments, Rents

Housing slump prompts shift

Home Prices Plunge Record 15.3%, Boosting Sales

Median US price was $175,400 in December, off 15.3%

McMansion Era May Be Over

Strapped Americans now prefer cozier homes

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?