Everyone wants to feel like the king or queen of their own castle, and there is no other type of home that makes one feel this way more than a single-family house. In the United States, the
– about 82 million out of the total 129 million occupied units in 2021. These homes are
, but a small share is rented. Most of the sales are of existing homes and just a small share is of newly built homes. In 2023,
.
Fewer single-family homes in the future?
House prices
have increased year-on-year since 2011. That is widely attributed to construction struggling to meet the demand coming from the formation of new households and leading to a chronic shortage of newly built housing. Despite having grown steadily in recent years, the
number of permits for the construction of new single-family homes has not recovered since plummeting in 2005. Like many other industries, the challenges facing the construction industry are many: inflation,
surging construction costs, and
mortgage rates. Another major limitation is that single-family homes require space, and
this space is often not available where it is needed. Lately, zoning reform has been the talk of the town. Zoning is criticized for inhibiting construction by limiting housing density through minimum lot sizes, height limits, and the restriction on different building types. Oregon, Massachusetts, Connecticut, and Maine are some of the states that have already taken action, by eliminating single-family zoning, changing parking requirements, or updating the state’s land use law. On a local level, Minneapolis, Raleigh, and Spokane have also made progress with the reform. How far these efforts go and what it means for single-family homes and housing affordability, only time will tell.
The typical American single-family home
American homes have gotten larger over the years. In 1975, a new home had an average floor area of about 1,660 square feet. By 2022,
this figure had increased by about 862 square feet. Owning a house that is big enough is especially important for families with children, but the price tag coming with a large property can be a discouraging factor. That is possibly the reason why the age group
most likely to buy a home bigger than the average was 42 to 56-year-olds. Outdoor features such as porches, patios, and decks
are a popular addition to newly built homes. In 2022, about 370,000 new houses
came with a patio and porch, making it the leading outdoor feature in the United States. Only about 75,000 new homes
were built with no outdoor features.
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