The (Not So) Curious Case of the Shrinking Homestead

Posted To: MND NewsWire”Go West” may not be the best advice for someone in search of elbow room. The National Association of Home Builders (NAHB) says that housing lot sizes are shrinking everywhere , but they are smallest in the Pacific and Mountain divisions, and in the furthest west division of the South. The median lot size for a new single-family detached home was 10,000 square feet in 1992. Ten years later it had fallen under 9,000 square feet but shot back up during both the housing boom and the housing crisis (our guess, because fewer lower priced homes were being built) before resuming a gradual but fairly steady decline. In 2015 the median size fell under 8,600 square feet for the first time since the advent of the Census Bureau’s Survey of Construction (SOC). The 2017 survey puts the median lot size nationwide…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631