House Sizes Down

Initial results from the US Census are in, and more Americans are choosing smaller living spaces when compared to previous years. Over the last 30 years, census data has shown house sizes gradually increasing. From 2008 to 2009, the average house size is down 51 square feet, to an average of 2,422 square feet per single-family house.

These findings support the theory that many homeowners are looking to downsize their homes in an effort to save more money. A smaller living space, coupled with historically low mortgage rates, can have an impact on monthly mortgage expenses.

Additional reasons for downsizing include: cutting energy costs, having less equity in current homes to roll into a new purchase and a rethinking of homes as investments. Whatever your personal reasons may be for downsizing, living in a smaller space can be very efficient from a cost perspective.  The trend seems to be shifting from a “bigger is better” mentality to a more simple lifestyle.

What about you? Are you downsizing or already living in a smaller home today? We'd love to hear how you, our reader, compares with the Census data on this topic. Just click the comment link below and tell us where you stand on house size. We'd love to hear from you.