According to a report released on Tuesday by Trulia, home size is currently at a record high, at an average of 2,700 square feet. That’s nearly 60 percent larger than the average home built 40 years ago.
As part of their report, Trulia surveyed over 2,000 Americans and asked them whether they would move into a bigger, smaller, or same sized home as the one they’re currently living in. As it turns out, bigger isn’t always better.
Currently, most Americans are unsatisfied with the size of their homes and only 32 percent of the Trulia survey participates said that they would move into the same size home that they are living in now if they decided to move in a year. When asked if they would move into the same size home as what they are living in now in 10 years, the number of respondents who said yes dropped 29 percent.
Fourteen percent of the respondents said they would like to move into a home that was 37 percent bigger than their current one in a year, while 23 percent said that they would like to downsize.
Breaking down the finding by age, individuals who are 56 years old or younger would prefer to upgrade into a larger home if they decided to move this year. A larger percentage of millennials would prefer to upgrade their home size rather than downsize—46 percent vs. 13 percent, to be exact. Americans 55 and up are looking to downsize, On the other hand, those over 65 and older are the demographic most looking to downsize, with 20 percent in this age group saying that wanted smaller accommodations.