September 4, 2014
NO ONE HAS IT HARDER THAN THEIR FATHER DID:
McMansions not only survive, they're getting bigger (Catherine Rampell September 3, 2014, Washington Post)
During the bubble years, American houses got bigger and bigger (especially relative to their counterparts in other rich countries). But guess what? Builders increased the size of new homes built after the bubble burst, too. In 1973, the median newly-completed single-family house was 1,525 square feet; forty years later, in 2013, it was 2,384 square feet. That is a record high.Source: Census Bureau.That's just the median, of course. But the share of newly built homes that are at least 4,000 square feet is now at 10 percent, equaling the series's peak in 2008, after having dipped slightly immediately after the crash. The share of homes that have at least four bedrooms is also at a historical high, at 44 percent. That's almost twice the share in 1973.
Posted by Orrin Judd at September 4, 2014 4:38 PM
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