The Bankrate.com financial term of the day is: “McMansion”
“McMansion” is a disparaging term used to describe homes that are oversized and opulent, but also without a whole lot of uniqueness. McMansions are loosely defined as houses between 5,000 and 10,000 square feet with soaring, grandiose entryways and multicar garages, often shoehorned onto relatively small lots.
McMansions are giant homes that have sprouted up in the suburbs the way fast-food restaurants have — hence the name.
Three features of this definition stand out: (1) marking the term as a disparaging one – it is rarely used positively and can be used effectively when criticizing others; (2) it highlights their mass-produced nature (not very unique, sprouted up); and (3) sets some square footage limits so that McMansions are larger than most American homes but don’t run into mansion territory. Several other parts of the definition, including common design features and small lots, may be common but are not part of all McMansions. However, the video is disappointing. I was hoping for some classic images of McMansions…
I also wonder if this is Bankrate’s definition of a McMansion as Americans see them or as a financial publisher? Here is a little bit about Bankrate.com:
We at Bankrate, Inc. have over three decades’ experience in financial publishing. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry…
Today, Bankrate, Inc. is the Web’s leading aggregator of financial rate information, offering an unparalleled depth and breadth of rate data and financial content. Bankrate continually surveys approximately 4,800 financial institutions in all 50 states in order to provide clear, objective, and unbiased rates to consumers. Our flagship Web site, Bankrate.com, provides free rate information to consumers on more than 300 financial products, including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees.
In addition to rate data, we publish original and objective personal finance stories to help consumers make informed financial decisions.
What exactly does Bankrate think about McMansions?