OT: Size of new homes

[matthewk]

OK, so it's Friday (at work) and I need a little something to speed along the time.

I'm not sure why, but the home building market has fascinated me the past few years. I just find all of the news about rates, people building, etc... interesting as of late. Maybe it's because we just built a home 2 years ago.

One of the thoughts that keeps crossing my mind every time I pass by another new subdivision being built is "damn, those houses are big!". It seems like every week the average home size grows by 20%. How do so many people afford these mansions?

By comparison, our home is about 2100 sq. ft. It has an unfinished bonus room above the garage that when complete will add another 550 sq ft. That adds up to 2650 sq ft total, which to me is more than enough for the four of us. Oh, I should add that because we are so close to the water level of the lake, we do not have a basement, just a 4' crawl space for some storage.

A lot of the new homes I see being built look to be well over 3000 sq. ft. Every year they get facier as well, with lots of peaks, brick accents, 2-story entryways, etc... Even though intrest rates are low, building materials proces are almost 20% more than what they were when we built. People selling existing homes may be making more off their own homes inflated value, but that goes right back into the cost of building. So how do people do it? Maybe a lot of them are over-extending themselves.

I'm not jealous or bitter about it, but it does amaze me that the average home size has doubled since I was a kid while family size stayed the same. I am perfectly satisfied with the home we have, and feel very fortunate just to able to live on a lake and have my kids experience that growing up.

[webdanzer]

I'm not jealous or bitter about it, but it does amaze me that the average home size has doubled since I was a kid while family size stayed the same.

The country has moved/is finishing moving from single income to double income households.

[fsquid]

You are making me feel guilty about buying an 1800 sqft. starter home last year!

[Leebo33]

One of the thoughts that keeps crossing my mind every time I pass by another new subdivision being built is "damn, those houses are big!". It seems like every week the average home size grows by 20%.

I hear you. I grew up in a small 3 bedroom two story house with one bathroom for 4 people! My wife grew up in a similar house. We have 2,600 sq ft. and it feels like a mansion! They are building some HUGE houses in a development behind us. I'm not jealous though. I will live in my house for a long time unless I have to move for work. The payments fit in our single-income budget and we'll have it paid off before the kids start college.

[fsquid]

is everyone here a suburb guy? Does anyone own within the confines of their city?

[pk500]

We bought a 2,600-square foot, four-bedroom house, with 1.05 acres of land and an in-ground pool, for $99,500 10 years ago. Real estate is dirt cheap in Syracuse, but this was an even more ridiculous deal because we bought it from a corporate relocation company that was eager to get rid of it despite its good condition, and my wife knows the real estate business inside and out, having been a mortgage broker before she became a full-time mom.

Great location, on a fairly country road and not in a subdivision, but only 20-25 minutes from downtown Syracuse. Nothing behind us but about 80 acres of farmland and woods. Great school district. Great neighbors. Small, tight Catholic parish right in the village. A few mom and pop's businesses -- a Subway off the main drag is the only franchise establishment in the village. One traffic light. Tons of recreational opportunities within minutes of my front door. You can leave your front door wide open -- not just unlocked -- all night and not worry. A gorgeous Finger Lakes lakefront town -- Skaneateles, where MUTTS lives -- just 6 miles away.

They can have the mega square-foot houses and subdivisions in the 'burbs. I'm staying right where I am.

Like Leebo, the payments are right for this single-income family, and we'll have it paid off right around when our kids start going to college in 12-15 years.

My wife probably is going back to work in a couple of years, at least part-time, so that will help us pay off this house even more quickly.

As I sometimes jokingly say to people whether they ask me if we'll ever move, "I think they're going to put me in the ground down there," as I point to the Catholic cemetery on the hillside about 1/2 mile from my house.

But yeah, no question, the subdivisions know have become just another way for people to one-up their neighbors and friends. The houses are getting bigger and bigger.

I've been in some of those mega houses, and some are gorgeous. But others have ridiculous layouts that waste a ton of the usable space. Plus they're in subdivisions, which my wife and I both hate.

Take care,
PK

[matthewk]

You can leave your front door wide open -- not just unlocked -- all night and not worry.

And what was your exact address again?

[matthewk]

You are making me feel guilty about buying an 1800 sqft. starter home last year!

No shame in that at all. Our first hame was 1700 sq ft. The only reason we moved was that once my grandparents passed away we inherited the lakefront cottage, so it was time to build a permanent home there instead of maintain two houses.

Sadly, we have a 30 year mortgage, so ours won't be paid off until we're about ready to retire

[matthewk]

Just to add to the absurdity, ther are 3 homes currently being built on our lake.

The first is 3 stories and at least 5,000 sq. ft. It has an elevator and heated coil floors on every level.

The second is also ovre 5,000 sq. ft and again has an elevator. It's also just a summer home for the couple.

The third one is 6,000 sq. ft. and who knows what extras are going into that one (it's still in the early stages).

The land behind us has no lake access, but has 26 acres and a pond. Someone from Illinois just bought that as a getaway/weekend home for about $500,000.

There are too many people running around with way too much money, and none of them are me!

[Dave]

We jumped into 'home' ownership with an about 1,100 sq. ft. townhome. I was actually thinking about whether we rushed into it a little bit, but with the rates as low as they are/have been, we felt like if we waited much longer, the market would pass us by. Now, with rates going up, I'm not sure how much our townhome is going to appreciate--I know it won't match the rate of growth from the past 5 years up here though.

If we would have been in the market 3 years earlier, we could have had a nice 1,500 square foot starter home for much cheaper than we paid. It is crazy that I have spent almost double what my parents ever paid for a home.

We will definitely need to upgrade before adding any young'uns to the family. And if we want to stay near the cities (1st or 2nd ring of suburbs), then we will likely not get above the 2,000 sqft level for quite a while. All the McMansions are too far from downtown.

[anchester]

its called prosperity and living in the most free and capitalistic country in the world. Let's hope it stays that way.

[AcemanPR]

My wife and I bought out first house in 1995. It was just under 1500 sq. ft., had 3 bedrooms and 1 1/2 baths. It was in excellent condition, had a new roof put on it and a new furnace and water heater. We lived there for 4 years before having any kids, remodeled the kitchen, replaced all the carpeting, and other minor things. Then we had two boys. Amazing how cramped you get pretty quickly, especially with all the toys and such. The nursery was in a room only 8x10. Closet space in the house was my biggest pet peeve, as there was hardly any. So, it was time to move.

In the spring of 2003, we started looking around. We knew the school district we wanted to send our kids to, so the location wasn't tough. I met up with a realtor. One weekend, he showed us 5 homes. The very first home we walked in, my wife and I fell in love with it. We looked at the others, and wanted to go through the first house again. After a couple days of mulling it over, we put an offer on it. It was still 3 weeks from completion, but that gave us time to put our old house on the market. Only took 5 days for our old house to sell, so the builder of our new house expedited the finishing work. I even went over there one weekend to paint the kitchen myself. We ended up closing and moving into the new house the same day.

We bought a 4 bedroom, 2300 sq. foot house in a neighborhood we absolutely love. We've since become very good and close friends with our neighbors. Last winter, we finished the basement off to give us and additional 700 sq. ft. of living space, making our house now 3,000 sq. ft. We got a 30 year mortgage with an insanely low 5 3/8 % interest rate.

We still check out the new homes going up in our neighborhood, as well as other new neighborhoods. I dislike many of the floor plans of homes going up in our neighborhood. Some of the homes we like in other neighborhoods are very nice, but definitely not worth the $100,000 or more that we spent on our house.

I am very happy where we are at right now. I don't anticipate moving again until my boys are out of high school. By then, I'll be contemplating retirement, and hopefully moving out to the Pacific Northwest area to be with my immediate family.

[bkrich83]

WE just moved in to our 2800 sq ft house, in northern SD county. It's pretty much the standard size in this particular neighborhood. I don't even want to say what we paid for it.

[fsquid]

WE just moved in to our 2800 sq ft house, in northern SD county. It's pretty much the standard size in this particular neighborhood. I don't even want to say what we paid for it.

I won't tell them.

[pk500]

WE just moved in to our 2800 sq ft house, in northern SD county. It's pretty much the standard size in this particular neighborhood. I don't even want to say what we paid for it.

Hmm ... 2,800 square feet, Northern San Diego county.

Tickling seven figures with that mortgage, BK?

Take care,
PK

[bkrich83]

WE just moved in to our 2800 sq ft house, in northern SD county. It's pretty much the standard size in this particular neighborhood. I don't even want to say what we paid for it.

Hmm ... 2,800 square feet, Northern San Diego county.

Tickling seven figures with that mortgage, BK?

Take care,
PK

. I didn't tickle 7 figures. I punched it in the face. I got a find a cheaper place to live.

[HipE]

It's one thing when all the hype about a game around here makes me want to go out and drop $50 on a new game. It's a different story when everyone posts about the huge square footage of their houses and makes me want to go out and buy a new one. All of a sudden, I'm feeling very cramped in my little 3 bedroom, 1450 sq ft house.

[bkrich83]

It's one thing when all the hype about a game around here makes me want to go out and drop $50 on a new game. It's a different story when everyone posts about the huge square footage of their houses and makes me want to go out and buy a new one. All of a sudden, I'm feeling very cramped in my little 3 bedroom, 1450 sq ft house.

Did you get a big assed TV? How do you fit it in there?

[HipE]

No, I have a small tv also. I guess that is why I like my PSP so much, that 4 inch screen looks enormous in my small rooms.

[Leebo33]

All of a sudden, I'm feeling very cramped in my little 3 bedroom, 1450 sq ft house.

I can't remember exactly how old you are, but I'm pretty sure when I was your age I was living in a condo about the same size.

[bkrich83]

No, I have a small tv also. I guess that is why I like my PSP so much, that 4 inch screen looks enormous in my small rooms.

I thought you bought a big HDTV last year?

[HipE]

No, I have a small tv also. I guess that is why I like my PSP so much, that 4 inch screen looks enormous in my small rooms.

I thought you bought a big HDTV last year?

I got a HDTV last year, but it is only a 30 inch widescreen. I don't even get to game on it either since it is upstairs in the living room, which is my wife's domain.

[HipE]

All of a sudden, I'm feeling very cramped in my little 3 bedroom, 1450 sq ft house.

I can't remember exactly how old you are, but I'm pretty sure when I was your age I was living in a condo about the same size.

Yeah, I'm really just kidding about being upset by the size of my house. It's much bigger than the crappy apartment I was renting a couple of years ago. At 28, I'm very thankful just to own a home at all, no matter what the size. Plus, I do have the biggest yard on my block.

[Dave]

Hey, I have one of the biggest yards in my complex, it is an end unit, so I have a front AND side patch of grass! Plus TWO decks!

I always have to remind myself of my age. A townhome ain't too bad if I can keep it in perspective.

[matthewk]

If you're under 30 and own a home you're doing good, no matter the size. It took me until 32 to get to this home, and I'm not moving. My next move will be either to the nursing home or the grave.

Wow, BK seven figures is nuts. I can't imagine being able to afford a house that expensive. Now we know where all of those OS donations are going I was luck to get the land for ours. Buying lake property AND building would have put us out of the running for a lake home real quick.