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Survey - Americans May Be Cutting Back On Super Sized Living - 7/1/2004 - Mortgage Loan Refinance Debt Equity

Survey: Americans May Be Cutting Back On Super Sized Living

06/30/2004
MOORESVILLE, NC -- (PRNewswire) Over the past three decades, the square footage of new homes has increased by approximately 55 percent* from 1,500 in 1970 to 2,330 square feet today. However, design and architectural experts see a burgeoning plateau on the horizon based on a declining interest in so-called McMansions in favor of smaller, more thoughtfully designed homes.

According to a recent survey conducted by Lowe's and Harris Interactive, homeowners are split over how much space is enough. Nearly half (46 percent) of all homeowners admit to wasting up to half of their home. The flip side (42 percent) feels they have no wasted space.

Between 1950 and 2004, home square footage expanded from less than 1,000 to an average of 2,330 -- roughly the same size as a U.S. regulation singles tennis court. Despite this 268 percent increase in home size, the size of the average family declined by nearly 20 percent (3.1 people to 2.6).

The following is a statistical breakdown of what American homeowners consider enough space, according to Trendex, Lowe's survey of 500 homeowners:

-- A majority (33 percent) believes every family member should have their own room, and 17 percent believe they need at least one more bedroom than they have children.

-- Eighteen percent say they require two or more living spaces, such as a living room or a recreational room.

-- Sixteen percent say homes should have one bathroom for every two bedrooms. In 1950, just 1 percent of homes had two and a half bathrooms or more, compared with about 56 percent today.

In addition to home sizes expanding, tastes and desires to customize have grown. When buying a new home, 41 percent said they would be willing to do a great deal of work, such as major remodeling, to make their home more personalized.


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