McMansion Demand Nosedives
The study was performed by the American Institute of Architects, and it found that only 4% of clients were wanting more square footage in their home designs. This compares with 16% over the last year, according to the 500 architects surveyed.
"This desire isn't surprising, given both the recession and the fact that the most recent U.S. Census shows that there are 77 million people in the "empty-nester" phase of life, from ages 45 to 64, and 61 million in the first-time buyer category, from 20 to 34.
So at least for the near future, empty-nesters and young adults will dominate the housing market. The question is, will smaller, more affordable housing be there for them?
On the surface, at least, it looks like that might be the case."