COVID-19 has impacted the way many residents use their homes, with an increased desire for space to accommodate added functions such as working from and/or studying at home. Recent housing data confirm the continuation of this trend.
According to third quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area increased to 2,337 square feet, while average square footage for new single-family homes increased to 2,541. These metrics have increased 9.3% and 6.2%, respectively, since Great Recession lows.
This marks a shift from the previous downward trend in home size from 2016 to 2020, during which time more starter homes were developed. NAHB Chief Economist Robert Dietz provides more analysis in this Eye on Housing post.