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<\/a><\/p>\nPhoto: James Bombales, design by\u00a0Jaclyn Harper<\/a><\/em><\/p>\n The early aughts were defined by excess \u2014 we slathered on fake tanner, layered our polo shirts and parked gas-guzzling Hummers in the driveways of our McMansions. While the Great Recession put a damper on this excessive consumption, it wasn\u2019t until 2016 that the median size of a single-family home in the US began to shrink, albeit ever so slightly.<\/span><\/p>\n Back in 1975, the typical new single-family home floorplan averaged 1,660 square feet, according to data from the United States Census Bureau. New home sizes peaked in 2015 when the median hit 2,740 square feet and have been falling ever since. <\/span>Zillow predicts this trend will continue<\/span><\/a> into 2020 and beyond, as buyer demographics shift along with housing preferences.\u00a0<\/span><\/p>\n Here we break down the five key reasons behind America\u2019s shrinking new single-family homes.<\/p>\n Photo: James Bombales<\/em><\/p>\n Millennials are house hunting in neighborhoods where they can ditch their vehicles for their own two feet. A <\/span>2017 survey<\/span><\/a> by the National Association of Realtors\u00ae found that 62 percent of Millennials would be willing to give up square footage if it enabled them to walk to urban amenities like stores, restaurants, parks and transit.\u00a0<\/span><\/p>\n Photo: James Bombales<\/em><\/p>\n Let\u2019s face it, big homes come with big mortgages. As younger buyers struggle to scrape together downpayments and compete for starter homes, those spacious suburban homes built in previous decades become more and more out of reach. McMansions, which typically range from 3,000 to 5,000 square feet, are increasingly <\/span>sitting on the market<\/span><\/a> due to high prices and differences in generational housing preferences.\u00a0<\/span><\/p>\n Photo: James Bombales<\/em><\/p>\n If you\u2019re looking to reduce your ecological footprint, <\/span>downsizing your home<\/span><\/a> is a good place to start. Smaller homes require fewer building materials, consume less energy and are often less expensive than their larger counterparts. Millennials value energy-efficient home features more than any other generation and will continue to fuel the demand for modestly sized homes equipped with the latest green technology.<\/span><\/p>\n Photo: James Bombales, design by\u00a0Cynthia Soda<\/span><\/a><\/em><\/p>\n1. Millennials prefer walkable communities with urban amenities<\/b><\/h2>\n
<\/a><\/p>\n2. Today\u2019s buyers can\u2019t afford the McMansions of yesteryear<\/b><\/h2>\n
<\/a><\/p>\n3. Sprawling single-family homes are less sustainable<\/b><\/h2>\n
<\/a><\/p>\n4. Demand is high for accessible, low-maintenance properties<\/b><\/h2>\n
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