US: Home sizes and prices expand nationwide (2,720 square feet)

[Hamartia Antidote]

Home sizes and prices expand nationwide

New homes in the U.S. are getting bigger as the economic strife of the recession becomes a memory. Yet, with the larger homes comes a bigger price tag. The average price of a new home in 2015 was $351,000, up $100,000 from 2009. The average home climbed to roughly 2,720 square feet last year – up from 2,660 in 2014. This represents the second largest average new home size since 2009, according to the National Association of Home Builders.

The increased home sizes follows historical trends of home sizes in post-recession periods. Square footage tends to decrease during economic uncertainty as both buyers and builders look to cut costs. As the economy continues to rebound, high-end homebuyers are returning to the market, causing demand for larger properties to increase.

Low interest rates and low down-payment options are providing families with opportunities to purchase larger homes and still maintain a comfortable budget. Conforming no point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.

2700 sq ft

 

[Oldman1]

Home sizes and prices expand nationwide

New homes in the U.S. are getting bigger as the economic strife of the recession becomes a memory. Yet, with the larger homes comes a bigger price tag. The average price of a new home in 2015 was $351,000, up $100,000 from 2009. The average home climbed to roughly 2,720 square feet last year – up from 2,660 in 2014. This represents the second largest average new home size since 2009, according to the National Association of Home Builders.

The increased home sizes follows historical trends of home sizes in post-recession periods. Square footage tends to decrease during economic uncertainty as both buyers and builders look to cut costs. As the economy continues to rebound, high-end homebuyers are returning to the market, causing demand for larger properties to increase.

Low interest rates and low down-payment options are providing families with opportunities to purchase larger homes and still maintain a comfortable budget. Conforming no point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.

2700 sq ft

McMansions.

 

[Hamartia Antidote]

McMansions.

haha!! Well it's better than 1950's Capes.

This just screams "tear me down and replace with a McMansion"

 

[CHD]

How much will be the downpayment for $350,000 home?

 

[jammersat]

why do americans not lay bricks instead of wood chops so when tornados hit at least something remains ? do they not learn from the history ?

 

[jetray]

why do americans not lay bricks instead of wood chops so when tornados hit at least something remains ? do they not learn from the history ?

building should be quake resistant or cause minimum damage.

 

[jammersat]

building should be quake resistant or cause minimum damage.

The only quakes in the US are in san francisco , where they make buildings with bricks

 

[graphican]

I am looking to build one in Victoria. For me 42 sq is costing A$550,000+ on ~420 block square meters of land. Interest rates are low at 4.1% but I am going with Islamic Mortgage paying 5.05%. House prices in Victoria are up from 350-450 on average in the last 2-3 years only.

 

[Hamartia Antidote]

why do americans not lay bricks instead of wood chops so when tornados hit at least something remains ? do they not learn from the history ?

Good question!

It is much more expensive to build a brick home (probably more likely to Mason fees and not the brick itself) North America is covered with trees so running down to your local lumber yard to get a huge stack is easy. So woodworkers are common and paid less.

You can build using brick if you want to pay a premium and many homes are brick...and public housing is pretty much always made of brick.

 

[Hamartia Antidote]

How much will be the downpayment for $350,000 home?

Most banks want 20% I believe.

I am looking to build one in Victoria. For me 42 sq is costing A$550,000+ on ~420 block square meters of land. Interest rates are low at 4.1% but I am going with Islamic Mortgage paying 5.05%. House prices in Victoria are up from 350-450 on average in the last 2-3 years only.

Is that near a city center? That's pretty crazy for the size.

 

[boomslang]

... Interest rates are low at 4.1% but I am going with Islamic Mortgage paying 5.05%....

The Islamic rate is higher than the infidel rate ?

 

[Lonely Hermit]

I am looking to build one in Victoria. For me 42 sq is costing A$550,000+ on ~420 block square meters of land. Interest rates are low at 4.1% but I am going with Islamic Mortgage paying 5.05%. House prices in Victoria are up from 350-450 on average in the last 2-3 years only.

I have heard australian housing market is in bubble and will collapse in a year or 2 . May be you can wait for some time, before putting that much investment.

 

[Hamartia Antidote]

hard to find a video of 2700sq feet. It's either above or below.

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2600sq ft

2600sq ft

2800sq ft

 

[gambit]

My house is 3000 sq/ft on .25 acre. The layout is 1500 up and 1500 basement and the basement is finished. The garage is 2 SUVs wide with an attached shop wired for 220v. And my house is typical in my neighborhood.

 

[jhungary]

I have heard australian housing market is in bubble and will collapse in a year or 2 . May be you can wait for some time, before putting that much investment.

Depend on where he live, mostly in Sydney, some effect on Victoria, and minor effect on the other states.