How much house do you need?

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The 980-sq ft, one-story house in the Hillcres...

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.

Ask yourself:

  • 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?

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About Bahiyah Shabazz 1003 Articles
Bahiyah Shabazz is one of the nation’s leading financial experts on the art of maximizing your growth. She's a wealth building expert, author, speaker, financial advocate, magazine and online columnist.

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