The Baby Boomer generation are increasingly becoming empty nesters, and despite the amount of wealth they hold, they are trending towards smaller homes. The reasons? They no longer need the space that a family requires and, with rising energy costs, the monthly expense of a large home is not worth all the extra space. A move towards smaller homes in existing neighborhoods has been seen by many who study housing trends.

 

Although an empty nest is often the catalyst for downsizing, the US Census Bureau has data showing the number of households without children is steadily climbing and estimates that they will account for nearly three quarters of all US homes by 2025. 

 

Despite the trends the National Association of Home Builders expects the average size of newly constructed single-family homes to level off around it’s current figure, about 2,500 square feet. Although 2,500 square feet is certainly not a “McMansion,” it is larger than the median home size in 2007 of 2,248 square feet. 

 

Kira McCarron, the chief marketing officer of Toll Brothers Inc, a US home builder, says “it’s not that people don’t want or can’t afford (big houses). It’s that they’re afraid of them now - it’s a confidence issue more than an affordability issue.”

 

No matter what the reason, you can’t deny the trends are veering away from the colossal McMansions that have been popping up across the country. Buyers are looking for smaller more affordable housing.