Oh, great. Just what we need. (Snort.)
But the trend isn’t driven by widespread keeping-up-with-the-Jones mania, but rather the vast majority of homes being built today are for the affluent, not middle- and working-class people.
“If you had a lot of money in the stock market, it has doubled since 2009,” said Stephen Melman, director of Economic Services for the National Association of Home Builders.
And many have used those riches to buy even bigger places, he said. …
As a result, the market for smaller homes, of 1,400 square-feet and less, has shrunk to just 4% of homes built. That compares with 9% in 2005.
Just 4 percent of home construction is for smaller homes? Think about it.
Graphic via CNN Money.