Smaller is Better?
In The New American Home, Stephen Kim found that Baby Boomers are looking to downsize, and Millennials are choosing style over size. Both are looking for smaller, better appointed homes. As a result, the size of the new American home is shrinking for the first time in 40 years. As I noted in my last blog (Lot Sizes Plunge), lot sizes are also getting smaller as the cost and availability of prime real estate diminishes. So fewer McMansions are being built by production and custom builders in the Phoenix metro area and across the U.S.