Real Estate Trends in Boise Idaho: New Homes are Bigger Than Ever

Bigger homes are becoming more popular. The U.S. Census Bureau reports that in 2013, new homes were larger than ever. The data is only preliminary, but it strongly indicates that buyers are increasingly interested in purchasing bigger properties.

In 2009, housing sizes were at a low. However, in the past several years, new home builders have been slowly adding square footage to properties. Homes are now more than 300 square feet larger than they were five years ago. In 2013, the average size was 2,679 square feet. In 2009, it was only 2,362 square feet.

Builders are making the change due to market demands. Buyers are making more money than they were seven years ago. Also, their credit scores are rising, which means they are qualified to buy more expensive properties. Along with the increase in size has come an increase in price; homes averaged $318,000 in 2013 compared to $248,000 in 2009.

Homes have more bedrooms now as well. Nearly 50 percent of new construction had a minimum of four bedrooms in 2013. That number is up from just 34 percent in 2009. What these means is that a three bedroom house may no longer be the norm in the future.

In general, homes have changed a lot in the past forty years. For example, they are about 50 percent bigger than they were in the 70s. Also, about 35 percent have three bathrooms, compared to just 23 percent in 2010. Garage sizes are also increasing. Just over 20 percent had a three car garage in 2013, whereas only 16 percent did in 2010.

Studies indicate that first time buyers are looking for small, less expensive homes than other buyers. Those that are purchasing their second or third house generally want something a bit larger. With the change in credit rules, and the increase in mortgage rates, there are less first time buyers purchasing properties than ever before. Therefore, it makes sense that more new homes are larger; builders are catering to the market.

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