The number of extra bedrooms in US homes has reached a record high, according to a report from Realtor.com. Over the past 40 years, the number of extra bedrooms has increased seven-fold, reaching 31.9 million last year. This surge comes as household size has declined, with the average number of people per household decreasing from 3.1 in 1970 to 2.5 in 2023.
The trend is driven by homes getting bigger and households shrinking. The average size of a new home increased during the “McMansion” era of the 1980s but has since plateaued. Instead, builders are focusing on larger floor plans to make the most of available land. This has resulted in more housing space sitting empty.
The Mountain West and South regions have seen the highest share of excess bedrooms, with areas like Ogden, Utah, and Colorado Springs, Colo., boasting over 12% of total bedrooms that could be considered extra. In contrast, urban markets like Miami and New York City have significantly lower shares, around 6%. The data suggests that homebuyers are either valuing extra space or tolerating large homes due to limited options.
Realtor.com’s senior economist, Ralph McLaughlin, attributes the trend to a combination of factors, including homes getting bigger and household size getting smaller. He notes that spare rooms are more popular in cheaper areas where it’s more affordable to buy a home with extra bedrooms.
Source: https://www.cnbc.com/2024/12/18/american-homeowners-are-wasting-more-space-than-ever-before.html