The Return of McMansions? They Answer Pandemic Buyers’ Needs
NEW YORK – As the pandemic compels people to spend more time indoors, experts say home buyers are increasingly searching for larger spaces with so-called McMansions apparently back in fashion, says Sonia Hirt, dean of the University of Georgia College of Environment and Design.
“The suburban home that was so stereotypical and boring suddenly proved itself to have benefits we’ve completely forgotten about,” Hirt says.
A recent report by the National Association of Realtors® found that the median size of an existing home was 2,060 square feet prior to the coronavirus pandemic. For new homes, however, the median size was 2,291 feet, according to the National Association of Home Builders. Architects say they expect those medians to increase in the next year.
“It’s being driven by people looking for the right combination of functionality and price,” says Ken Perlman, managing principal at John Burns Real Estate Consulting. Families want more room to accommodate adult relatives who might have moved in due to the pandemic. College students and young adults also opted to move back home due to stay-at-home measures and the economic situation.
“We’re going to see another bump in multigenerational living,” says Donna Butts, executive director of Generations United. “By combining resources, they can afford a bigger house or a more comfortable lifestyle.”
Source: Realty Biz News (07/27/2020) Wheatley, Mike
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