We recently wrote an article that discussed how the American dream home has evolved over the past 50 years. One of the most noticeable trends is that today's homes are much larger (actually, nearly three times the square footage of the average home in the 1950s).
While McMansions seemed to be popping up in "nice" parts of town in the mid 1980s, today's luxury home buyer is not as enthusiastic about this type of home in comparison to prior years.
So what could be the reason behind the downfall of the McMansion?
There are a few factors that we could link to the movement away from the McMansion.
The Housing Bubble
First, we have the housing bubble pop in 2007, which left a lot of McMansion owners underwater on their mortgages. As a result, some of these properties have fallen into disrepair, making them less desirable properties on market. The impact of the housing bubble has also caused many people to re-think their finances. Do they really need a flashy 7,000 square foot home and all of the monthly maintenance expenses that come along with it?
Baby Boomers Want to Downsize
Another contributing factor is that we now have a huge wave of Baby Boomers that are looking to downsize rather than take on a 6+ bedroom house. This is especially true in mild climates like Central Florida where Baby Boomers are looking for their ideal homes to accommodate their new retired lifestyle.
Today's Buyers Value Quality Over Quantity
However, we think the biggest reason why the McMansion trend is on the decline is that today's high-end homeowners simply want and expect better quality. McMansions are notorious for using poor quality construction and give little regard to architectural integrity. Instead, for those that go the custom home building route, they can get a luxurious home built to their exact specifications without having all of the wasted square footage that a McMansion has. More Americans are now realizing that bigger isn't always better.
Empire Custom Builders specializes in luxury custom home building in Central Florida. Having successfully completed more than 500 projects, we invite you to take a look at our custom home building portfolio to learn more about our style and the level of quality that we can deliver. Please contact us to learn more about why we are the preferred custom home builder in Central Florida.