A failure to accommodate young people in some of the realty markets has happened due to the fact that, nationwide, most homes have become larger and therefore more expensive over the last fifty years.
Consequently, they have finally become too pricey for the average first time buyer and according to a recent survey in Massachusetts, this is causing Boston to lose its youth. This withdrawal of youth has been acknowledged and discussed in Boston, but the solution is still undecided.
Indisputably, average house sizes have expanded over the years. Whereas in the post World War Two era, homes were considered luxurious if they were over 1,000 square feet, nowadays the average home is 2,500 square feet and is still increasing!
The fact that most homes have become larger and more expensive has pushed most first time buyers out of the market. Many builders have noticed a short fall in the small homes market and may start adding smaller homes to their inventory.
What brings this new awareness that small homes are okay? Is it the sustainable living guilt, or is it that so many baby boomers are out there looking for smaller homes to retire to? Apparently the...