The COVID-19 pandemic precipitated a surge in home sales across the country as people looked to flee densely populated cities, looking for more room and space for the entire family. The high demand for homes has coincided with a spike in new home construction, which reached its highest point in more than a decade. The increased supply was not enough to offset demand, and home prices surged. This is how much a typical home costs in every state.
The history of the U.S. housing market has been marked by periods of rampant building and of lulls, even as the population has expanded relatively steadily. Even with this recent increase, new home construction would have to rise considerably to reach the rate at which they were being built in the early 2000s — the period immediately preceding the subprime mortgage crisis.
The American housing market has not only been through substantial fluctuations in the number of housing units being built, but also in the size of the homes built. Changing family size, rising incomes, and suburban expansion have all led to changes in the size of the typical single-family home.
To determine how the size of homes has changed over the past century, 24/7 Wall St. determined the average size of a newly constructed single-family house between 1920 and 2017 by reviewing official U.S. Census figures and providing our own estimates for years the Census did not release this data.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.