As baby boomers look to downsize and homeowners trade luxury for
function, there is renewed interest in smaller homes.
Eighty percent of 1,300-plus real estate agents surveyed said that baby- boomer clients aged 54 to 64 are interested in
smaller homes. Saving money and living more simply were among the
reasons for the interest.
A recent study by the U.S. National Association of Home Builders
showed that the economic downturn has altered the landscape of
housing.
The study predicted that by
2020, homes will be 10% smaller than the
average single-family home in 2010.
While homebuyers may be looking for smaller residences, they're not
interested in sacrificing functionality.
Instead, they're trading luxury amenities for practicality.
According to architects surveyed by the American Institute of
Architects, buyers are losing interest in spaces such as home
theaters and exercise and game rooms and are embracing spaces like
home offices and mud rooms.
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