According to the U.S. Census Bureau, the median single-family home in America is now 2,337 square feet. Most cite the pandemic as a catalyst as families are now using the home for work and study as well as living space.
Existing homeowners have been remodeling and expanding during the pandemic. Realtor.com defines a “starter home” as one that is less than 1,850 square feet. The supply of starter homes has declined by more than 50 percent in the last five years with only 300,000 available for sale in September 2021. The price for such a home is now 11 percent higher than a year ago.