Joe Cortright criticizes reports linking high median new home sizes to a renewed demand for McMansions. The market for single-family homes, he argues, locks out buyers of modest means. Only the well-off are buying.
A piece for City Observatory takes issue with those who claim "that the 'death of the McMansion' has been highly exaggerated." [...] "A closer reading shows that the apparent surge in McMansions is actually a bit of a statistical mirage. These analysts have overlooked a key limitation of the reported data."
From the article: "It's actually the case that American homes are only getting bigger if one believes that people living in multi-family housing either aren't Americans or don't have homes. [...] The only reason these big houses have increased as a share of total new housing is because the market for affordable, smaller single family homes has done even worse."
After the recession, the single-family market never recovered. Instead, "multi-family housing now makes up 40 percent of new home starts, up from 20 percent a decade ago. If we recalculated the median new home size including both multi- and single-family homes, the increase in the McMansion share would look much smaller." Additional data demonstrates that even among the rich, ownership of large homes is trending downward.
FULL STORY: Misleading Medians & the McMansion Mirage
No More Hidden Gems Thanks to Investor-Centric Real Estate
Although large investors made only 4.3 percent of single-family home purchases in 2014, they may be reducing the competitiveness of traditional buyers. With ready cash and sophisticated algorithms, investors get there first and make better bids.
After the Crash: How Will People Live and Spend in the New Economy?
Kathleen Madigan takes a look at new research that considers the shift in America's living situations, and what it means for consumer behavior.
U.S. Home Sales to Foreign Buyers Drop by Almost 10 Percent
International purchases of homes on the U.S. housing market slowed in the last year.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
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