Increase In House and Garage Size Indicates That Homebuying Is For The Older And Wealthier

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October 31, 2016

Since 2010 the median size of a new house has increased to 2,467 square feet from 2,169 square feet. And, since 2011, the share of homes with garages that could hold three or more cars rose to 24 percent, from 16 percent.

The Washington Post reports that these increases are reflected in new home prices, which have grown from a median value of $221,800 in 2010 to a median of $296,400 in 2015. Builders are focusing on constructing houses for older, more affluent buyers.

Historically, about 30 percent of new homes have been purchased by first-time buyers (who are often younger, and buy smaller, less expensive houses), said Robert Dietz, chief economist for the National Association of Home Builders. In the past two years, however, that number has dipped below 20 percent. The people who are buying homes, meanwhile, are increasingly in their 40s, 50s and 60s.

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