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New home buyers possess a big appetite for larger homes, in accordance with preliminary data recently released with the U . s . Census Bureau––suggesting that home sizes set a brand new record in 2013. 177283476

The common height and width of a fresh home has increased greater than 300 square centimeter within the last five years, to 2,679 sq ft in 2013 from 2,362 sq ft in '09, based on the census data in the report published through the National Association of Home Builders.

The come back to larger homes comes after housing hanoi sizes bottomed in 2009.

The NAHB says builders are meeting the demands in their customers, that have an extremely higher credit worthiness along with a higher median income compared to 2007. The standard new-home sale price rose to $318,000 in 2013 from $248,000 in 2009.

Currently, the common new house is about 50% bigger than its 1973 counterpart, using the Census Bureau, which began tracking this type of data inside the mid-1970s.

As size has increased, so has the volume of bedrooms. Of all of the new homes built, 48% had at least four bedrooms in 2013, in comparison to 34% during the past year. If this trend holds, it could bring another key shift in the housing demographic: A few-bedroom home, containing been the type of the housing business since 1973, might be traded up for just a bigger size.

Additionally, 35% of recent homes internal 2013 had leastways three full bathrooms, up from 23% this season. Similarly, the share of homes with garages for three or higher cars rose to 22% in 2013 from 16% this year.

According to a recently available NAHB study for the Characteristics of House for rent in Hanoi, first-time homebuyers purchase cheaper and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% from the market, are actually steadily eliminated from the market as credit rules have tightened and mortgage rates have raised, using the NAHB report, that may also explain the increase in average home size.

From Vinahouselink