Financial considerations affect every aspect of life in some way or another, and where and how Americans live out their lives has been strongly impacted by the current struggles of the real estate market. One thing that has changed is the median square footage of newly built homes, and the number of buyers interested in older homes that don’t boast as many, or as spacious, rooms.
But some cultural analysts say this change was coming before the housing bubble burst. They point to a distaste for the so-called McMansions of the 90s which was detectable long before real estate peaked in 2006. These experts claim that the recession has simply forced builders to admit that Americans are–and have been–ready to choose smaller homes over larger ones.
History backs up this theory, as a backlash trend of compact bungalows followed the expansive homes favored in the Victorian era. Also, demographics have made way for homes which prize quality over quantity when considering space. The Baby Boomer generation, a formidable economic force in its own right, now consists largely of ‘empty-nesters’ as their own children have entered adulthood. Additionally, experts say that real estate has finally caught up with the shrinking American family. Extended families are no longer the norm, and more households consist of single parents, childless couples, or independent individuals than ever before.