Back in March, Build Intel reported on the thrifty consumer and the shrinking home sizes that have emerged since the economy went south, in “Honey They Shrunk the House”. Yesterday, the American Institute of Architects (AIA) released their Home Design Trends Survey focusing specifically on overall home layout, size and use in the first quarter of 2009.
Jeremy Wolff
“The era of the ‘McMansion’ could well be over as home sizes have been trending downward recently, with a significantly higher number of architects reporting demand for smaller homes this year,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “And as the housing boom has passed there seems to be a renewed interest in investing in properties to make homes more livable, as opposed to real estate that can be resold quickly for a profit.”
At this point, it’s a better focus for new home builders to concentrate on the livability of the home and less on the extra bells and whistles that can often cloud the total essence of the home while tacking on extra tens of thousands of dollars with the potential for no additional return.
Buyers aren’t interested in the huge spaces with the vaulted ceilings and two story foyers anymore, they simply can’t afford it. Thanks in large part to the green building movement, people are also now concerned about their environmental impact. Bottom line though, they’re looking for more economic homes to reduce the costs of maintenance and living.
The idea of outdoor living areas isn’t anything new but the report does state that 60% of respondents saw an increase in the size of their outdoor living space. “Adding decks, porches and patios are all part of the outdoor living enhancement trend,” added Baker. “But that also extends to more formal outdoor ‘rooms,’ cooking areas and blended indoor / outdoor features,” Baker added.
Below is a list of traditionally popular residential elements along with the percent of respondents that reported increases in the overall size of these elements:
| Residential element | 2009 | 2008 |
| In-home accessibility | 63% | 67% |
| Open space layout | 50% | 53% |
| Access into/out of home | 49% | 59% |
| Informal space | 45% | 61% |
| Finished basement/attic | 32% | 46% |
| Single-floor plan | 34% | 40% |
| Home volume | 11% | 28% |
| Square footage | 4% | 16% |
| Lot size | 2% | 7% |
We may have seen the end of the excessively large homes, at least for now, as homeowners/buyers are going to continue to look for areas to cut back until we see some end to the sagging economy.
If you’re marketing to homeowners, or home builders, now’s the time to tout those humble home features and products that add value. How a product adds value to your home and lifestyle is going to be something consumers hold close for a long time to come. For the first time since the Great Depression, we seem to be living within our means. But for how long?
