Tiny houses with fewer windows, the solution to the housing madness in the United States

For the first time in years, a major U.S. Home builders are prioritizing building more affordable homes in an effort to attract first-time buyers. And yes, it is still a profitable business, but only for those who are willing to make sacrifices A few square feet and maybe some windows, doors or cabinets

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Last year, the average size of newly constructed homes in the United States 4% down to 202 square meters, the lowest reading since 2010, says census data cited in a recent report by the Washington Post. This latest bout of redflation in a neck-deep industry helped reduce overall construction costs and, in most cases, sales prices by 6%.

This A house with a roof, an urban style where the home shares one or two walls with neighboring properties, has become the most popular design, with one in five projects completed by the end of 2023 (a record number, according to the National Association of Home Builders, NAHB). These single-family residences are now narrower and include less space for doors and windows.

There are many millennials who are eager to buy

A townhouse with three bedrooms, a garage and a patio can cost around $400,000. Dr. Horton, the nation’s largest homebuilder, sold more than 82,000 homes last year, most of them for less than they were worth. Its range now starts at approximately 83 square meters.

Toll BrothersRenowned for its high-end properties and average sale price of US$1 million, it has also ventured into cheaper and faster build options, targeting younger buyers.

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According to data from Redfin, a company that provides residential real estate brokerage and mortgage origination services, home origination prices typically reached a record of US$243,000 per annum Finally, 2% compared to a year ago and more than 45% compared to 2019. So did the debt, as the Federal Reserve began raising interest rates as early as 2022.

Some local governments are taking matters into their own hands, rethinking zoning laws, lot size requirements and other land use policies, often aimed at keeping smaller homes out of affluent neighborhoods. However, experts warn New construction is also more expensive than existing homes.That puts them out of reach for many first-time buyers.

Americans can’t afford anything better

“It’s going to be hard to solve this problem without more existing housing on the market, and frankly it’s hard to solve,” Andy Winkler, director of housing and infrastructure at the bipartisan Policy Center, a Washington think tank, told the Post. . “Overall, I doubt we’re building enough real starter homes to make up for the shortage.”

Winkler believes so Years of continuous growth will be required To create enough housing to meet the demand.

“Americans didn’t suddenly fall in love with tiny houses. just They cannot afford anything better“said the expert.

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