Many Americans can’t afford a McMansion (even if they might aspire to one)

A recent study suggested Americans aspire to own the larger homes in their neighborhood. By using the term “McMansion,” the study might be read as some as suggesting that this belief is widespread among many Americans. Americans like big houses and they like to look to external reference groups to help guide their own behavior. Isn’t everyone after a McMansion?

Just three little problems:

  1. Many Americans do not live in neighborhoods with McMansions.
  2. Many Americans cannot afford a McMansion.
  3. Not all larger houses are McMansions.

McMansions are particular kinds of houses that require a certain social class and set of resources to acquire. Even in cheaper housing markets, McMansions are not within reach of many residents. Academic articles and media articles journals can use the term broadly but how many Americans truly live in McMansions – 10%? 20%?

At the same time, it is worth looking at the aspirations of Americans. Homeownership, particularly in a suburban setting, is an ingrained goal in American society. And Americans do seem to like bigger homes. But, do they really want a McMansion, a home that can be made fun of by others and with a descriptor rarely used in real estate listings? There is clearly a market for such homes but the buffoonish McMansion may not exactly be the goal of homebuyers.