Americans have become consumed with the approval of others instead of what’s best for their household.
During the thriving housing market, consumers invested in more house than they could afford. Subprime loans, small down payments, and flexible regulations allowed many to purchase large homes.
During the turn of the millennium, it wasn’t uncommon for a family of three to reside in a 5,000 sq ft. home with cathedral ceilings, outside pool, and a three car garage. Today, people are reevaluating what is truly important and affordable.
The average U.S. home is 2,438 square feet. But contractors surveyed by the National Association of Home Builders say that homeowners are increasingly interested in affordable mortgages and greener homes that are cheaper to heat and cool.
With that in mind, the homes that were previously sought after are no longer the interest of many home buyers. It’s predicted that by 2015 the average sq ft home will be 2,152.
Before purchasing your next home consider how much mortgage along with utilities are affordable. Then keep in mind what makes your family happy as oppose to impressing others.
- How much square footage is regularly used?
- Does each child need his/her own bedroom?
- How many cars can be driven at one time?
- How much can we afford if either employer downsize?
- Is this a home that we can raise children and retire in?
© SMG 2012. All Rights Reserved.
- Are first-time buyers better off than their parents? – Confused.com (confused.com)
- Downsizing now the main reason for selling a home (gateway-homes.co.uk)
- Comparing Mortgages (answers.com)