Should results of a recent survey accurately reflect future decisions, the residential construction market is likely to absorb fewer basic materials.
Trulia.com, a real estate search website, has released results of a survey conducted by Harris Interactive of more than 2,000 heads of household on their attitudes toward home ownership. Some 27 percent of the renters who responded indicated that they do not plan to ever buy a home, while just 9 percent of potential purchasers wish to own a home 3,200 square feet or larger in size.
In a section of the survey summary titled “The McMansion Era is Over,” Trulia.com’s news release states, “Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet—the same number who said they’d like their home to be between 800 and 1,400 square feet.”
A home in between those two sizes was chosen as preferable, with 51 percent of respondents saying they’d like a home between 1,401 and 2,600 square feet in size.
For basic materials markets, the better news stemming from the survey is that many Americans do still maintain a core belief in the inherent value of owning a home. Trulia.com’s survey found that 72 percent of American adults still believe home ownership is part of their personal American dream.
Many current renters replied that they do not anticipate buying a home within the next 12 months, with the inability to make a down payment cited by 47 percent of those respondents.
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