HOW BIG OF A HOUSE DO YOU NEED?

A Guide to Calculating Ideal Home Size

How Big of a House Do You Need?

If you’re ready to stop pouring rent money down the drain and start building equity, it may be

time to buy a home. Before calling realtors and scheduling walk-throughs, you need to do

some research. After all, a home is generally the largest purchase a person makes in their

lifetime. One of the first questions you’ll need to answer is, “how big of a house do I need?”

We’ll explain the factors you need to consider.

Read on for:

Home Size Based on Family Size

Home Size Based on Location

Home Size Based on Lifestyle

Home Size Based on Type

Home Size Based on Family Size

When it comes to buying real estate, size matters. It’s one of the largest factors in price, and a

huge factor in overall happiness with your home. Alternatively, some research suggests that

Americans don’t actually need nearly as much space as they buy.

Before deciding what size home your family needs, consider the following:

From 1973 to 2015, the average household size declined from 3.01 people per

household to 2.6 people per household, according to the U.S. Department of

Commerce.

In the same time period, average house size increased by about 1,000 square feet, from

1,660 to 2,687 square feet.

Most people require 200-400 square feet of living space just for themselves.

Homes with smaller square footage carry higher per-square-foot costs.

Remember — if you’re buying with small children, you need to factor in additional space they’ll

take up down the road in the form of individual rooms, storage and recreation areas.

Conversely, buying a house when you have teenage children who’ll be gone soon can also be

tricky. Ultimately, you’ll need to incorporate additional factors to make the best decision.

Home Size Based on Location

There’s a reason realtors talk so much about location; it’s because money spends differently in

different places. Not literally, of course, but its value seems to fluctuate based on where you

spend it. For example, you’ll end up spending more money for less space in Manhattan than

you would in Mississippi. Here’s how much square footage $300,000 will buy you in states from

each region in the U.S.:

New York: 1,664 square feet

Mississippi: 3,402 square feet

New Mexico: 2,622 square feet

California: 1,066 square feet

Iowa: 2,520 square feet

The city, state and region you live in are going to be a huge factor when it comes to how much

house you can afford. Before you make any decisions about square footage, it’s a good idea to

look up figures like the median price per square foot in your area. If you have your heart set on

more expensive areas like the coast, you might have to settle for less house space.

Home Size Based on Lifestyle

When you’re excited to finally buy a house, it can be easy to temporarily forget how much stuff

you actually have, especially if you don’t use it year-round. These are some of the major

lifestyle choices that people forget take up lots of space:

Hobbies. Are you taking these hobbies into consideration when you’re calculating what size

home you need?

Outdoor sports, including hunting, fishing, biking, skiing, baseball, football

Home improvement, including yard maintenance, gardening, carpentry

Music performance that requires a PA system, electric amplifiers, guitars, keyboards

Visual art that requires canvases, drop-clothes, easels, dry storage

Work situation. Do you work remotely, even part-time? Unless you want to sit between your

two PB&J-covered children on the couch, trying to shield your laptop, you better plan for an

office space.

Personality type. Introverts need more space and alone time to recharge than extraverts do. If

you have a family and know that your alone time is important to your mental health, make sure

you’re considering that when you think about home size.

Home Size Based on Type

Just because you want to buy a home, doesn’t mean you want to buy a house. You could have

your heart set on a cozy townhouse or sleek condominium. At the end of the day, your

aesthetic preferences will probably trump size differences. However, if you anticipate space

being an issue, you should know that the average price per square foot of each of the

following types of homes:

Townhouse. Generally bigger than a condominium and smaller than a single-family

home, the townhouse is just right for some buyers, averaging between 750 and 2,000

square feet.

Condominium. Most condos are only between 600 and 800 square feet, but what they

lack in size, they often make up for in security and free repairs.

Single-family home. Although they’re generally more expensive, new single-family

homes generally offer more space than townhouses and condos, averaging around 2,600

square feet.

Although your family size, lifestyle, location and preferred home type will all factor into your

decision-making process, you don’t have to decide your ideal house size all on your own. An

experienced realtor can work with you to find a house that’s just right. Don’t settle for

indecision and doubt; call your trusted realty company today to get started hunting your

perfectly sized dream home.

Brian Bischoff, Realty Executives Midwest,

Realtor

Phone: 630-656-9693

brianbischoff@realtyexecutives.com

www.realtyexecutives.com/agent/brianbischoff

Realty Executives Midwest, Realtor,