Posted on August - 22 - 2010
Americans Scale Back Desires for Home Ownership
Americans’ aspirations about homeownership are becoming more modest, envisioning smaller homes for themselves when they think about buying a home at all.
Over two-thirds of renters (68 percent) said they don’t anticipating buying a home for at least two years, according to the newest American Dream survey by real estate information company Trulia.com, with 27 percent saying they don’t ever plan on buying a home of their own.
Ideal home shrinks
The ideal home size has also declined, to an average of 2,100 square feet, compared to 2,400 a decade ago. Only 9 percent of respondents said their ideal home would be in excess of 3,200 square feet, the so-called “McMansions” that were popular in the boom years. The biggest group of survey respondents, 28 percent, said their ideal home would be in the 2,000-2,600 square foot range, while an almost identical 27 percent preferred the 1,400-2,000 square foot size. Less than one Full Post…