SAN FRANCISCO–Americans continue to strive to own a home, but they are increasingly interested in a home that is smaller, not larger.
According to new research released by Trulia, more homeowners would rather have a smaller house than a larger one (37% vs 23%). The research found 60% of people living in large homes of 2,000 square feet or more said that if they had to do it all over again they would go with a smaller home; 69% of people in the smallest of homes under 800 square feet said they’d like to supersize their accommodations.
Not surprisingly, older Americans are most likely to want to downsize out of their current homes, with 37% of Baby Boomers saying they plan to move, and 42% of that group indicating that when a move takes place it will be to a smaller house, according to a study released by the Demand Institute, which is operated by the research groups The Conference Board and Nielsen.
Television shows, such HGTV’s “Tiny House Hunters,” which features homes averaging 600 square feet, as well as the lower costs, have also made smaller homes more appealing.
Finally, the rising cost of housing has also made smaller homes more attractive to many buyers.