In the market for single-family homes, the average unit size increased over the course of the decade, perhaps reflecting the growing economic inequality endemic to the American middle class.
Meanwhile, the average apartment constructed during this period shrunk by a staggering 90 square feet, a surprisingly large sum when one considers how many New Yorkers live in 500 square foot studio apartments.
A new study from StorageCafe examining trends in newly built homes should be of particular interest to investors as the boom in home construction reverberates throughout the financial markets, driving the surge in lumber prices, among other things.
* * *
The average size of a new single family home built in 2019 was 2,611 square feet, 143 more than in 2010. Apartments, on the other hand, averaged 1,156 square feet, 90 square feet smaller than those built in 2010.
The average size of single family homes in the US is now 2,128 square feet, 18% less than it was for new ones built in 2019.
Among the 20 biggest US cities, Chicago ranks first for largest homes, with new single family houses averaging 3,330 square feet in 2019 – approx. 916 more than the size of a home built in 2010. In Denver, however, homes are much less spacious than a decade ago at 2,056 – 197 square feet smaller than in 2010.
Jacksonville is building the biggest apartments in the US at 987 square feet, and Seattle the smallest, with new apartments averaging 676 square feet.
During these last few months, we spent more time inside our homes than probably at any other point in our lives, and the size of our residences became all-important. The COVID-19 pandemic will probably have a long-lasting impact on how Americans – and the whole world for that matter – live and work.