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| Small Is the New Big: Home Size PreferenceShrinks |
First-time homebuyers are shifting
housing industry standards when it comes to home design preferences-and,
according to the latest Home Design Trends Survey by the American Institute of
Architects (AIA), one of the most significant changes is the end of the era of
expansive property and square footage.
Small, simply, is the new big.
"With younger households that are increasingly entering the market looking for more affordable options, home sizes appear to have peaked for this economic cycle," said Kermit Baker, chief economist of the AIA, in a statement on the survey.
Smaller homes are generally more affordable, which is key for many first-time homebuyers squeezed by high home prices and student debt. Small homes, however, are scarce in most housing markets.
Aside from less living space, the architecture professionals surveyed see the following trends taking shape:
Small, simply, is the new big.
"With younger households that are increasingly entering the market looking for more affordable options, home sizes appear to have peaked for this economic cycle," said Kermit Baker, chief economist of the AIA, in a statement on the survey.
Smaller homes are generally more affordable, which is key for many first-time homebuyers squeezed by high home prices and student debt. Small homes, however, are scarce in most housing markets.
Aside from less living space, the architecture professionals surveyed see the following trends taking shape:
·
In-Home Accessibility
·
Single-Floor Plans
·
Open-Concept Layout
·
Informal Spaces
Source:
American Institute of Architects (AIA)
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