In 1950, the average new home had 963 square feet, with two bedrooms, and one or one and a half baths. In 2004 for it was 2,330 sf.
According to US Census, in 1950 there were an average of 3.27 persons per household. For 2004, it is 2.03.
Houses are bigger and families are smaller. It seems that in the past, many families helped their children buy their first home or maybe I watched too much TV. As of now I can only think of two people who had family assistance in buying their home. The rest usually bought with 0 – 3% down.
So if mortgages are harder to get, will families stay together longer, increasing the number of people per household. There’s plenty of room in those houses.
The Toughening Mortgage Guidelines To Bring Families Together?
