According to just released data, both the median and average size of a new single-family home built in 2013 hit new all time highs of 2,384 and 2,598 square feet respectively.
And while it is known that in absolute number terms the total number of new home sales is still a fraction of what it was before the crisis, the one strata of new home sales which appears to not only not have been impacted but is openly flourishing once more, are the same McMansions which cater to the New Normal uberwealthy (which incidentally are the same as the Old Normal uberwealthy, only wealthier) and which for many symbolize America’s unbridled greed for mega housing no matter the cost.
Of the 569,000 single-family homes completed in 2013:
- 518,000 had air-conditioning.
- 59,000 had two or fewer bedrooms and 251,000 had four bedrooms or more.
- 27,000 had one and one-half bathrooms or less, whereas 188,000 homes had three or more bathrooms.
- 166,000 had a full or partial basement, while 91,000 had a crawl space, and 312,000 had a slab or other type of foundation.
- 305,000 had two or more stories.
- 333,000 had a forced-air furnace and 216,000 had a heat pump as the primary heating system.
- 347,000 had a heating system powered by gas and 214,000 had a heating system powered by electricity.
The headline reads “McMansions Are Back and Are Bigger Than Ever.” The data would seem to support such an argument as square footage continues to increase and homes have more amenities. Additionally, this is more evidence that the higher ends of the housing market are more robust these days compared to the lower end where smaller homes aren’t moving as quickly.