While housing inventory continues to be a struggle, it seems that the average size of a home and lot has also shrunk throughout the years.
Yardi reports that the median size of a new single family home is sitting at around 2,299 square feet, down 4% from 2013 to 2022. Similarly, median home lots have dwindled by 8%, to 8,891 square feet, during the same period. The home price of a new home in the meantime has soared to an all-time high–roughly $457K in 2022, up 70% from 2013.
In a market of these challenges, where can homebuyers look to find decently sized homes and yards that won’t break the bank?
Yardi’s latest report ranked 50 cities based on a combined metric of the median size of homes and the median size of the lots they’re sitting on, as well as other factors such as home prices and median household incomes. The rankings help to determine the most attractive urban destinations for those in search of both generous homes and expansive backyards.
The top 5 cities for big homes and yards:
1. Raleigh, North Carolina
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- Lot size: 10,450 sq ft
- Home size: 1,950 sq ft
- Median income: $73,000
- Median home price: $436,100
2. Atlanta, Georgia
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- Lot size: 11,560 sq ft
- Home size: 1,950 sq ft
- Median income: $69,200
- Median home price: $425,900
3. Charlotte, North Carolina
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- Lot size: 10,600 sq ft
- Home size: 1,900 sq ft
- Median income: $68,400
- Median home price: $393,000
4. Omaha, Nebraska
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- Lot size: 8,450 sq ft
- Home size: 2,430 sq ft
- Median income: $65,400
- Median home price: $277,400
5. Nashville, Tennessee
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- Lot size: 11,810 sq ft
- Home size: 1,830 sq ft
- Median income: $65,600
- Median home price: $442,500
Major takeaway:
“Something that has lingered for many people in the aftermath of the pandemic is the desire to live in airy spaces where we can live, work, play and have a sense of privacy–all under one roof. With the normalization of remote work for a significant segment of the workforce, chasing big homes is gaining even more traction across the US,” said Maria Gatea, an editor for Yardi and author of the report.
Gatea continued “But getting access to spacious living might be challenging these days, especially if you’re not ready to let go of your urban lifestyle. Sizes of both residential lots and houses have generally been on a downward slope during the last decade whereas prices have been trending up.”
“Zooming in on city-level data, the story becomes more nuanced, with significant regional variations. Living large is becoming less attainable in land-strapped environments like Philadelphia, PA, or expensive hotspots like California’s coastal hubs,” Gatea explained. “In Philly, for example, housing lots are now 43% smaller than they were a decade earlier. In Los Angeles, CA, an average home covering 1,576 square feet on a 6,900-square-foot lot costs north of $1M, double what a similarly sized home called for ten years prior.”
Gatea concluded, “However, as you move away from the coasts, your chances of finding a big home with some nice outdoor space for entertaining improve substantially. In fact, according to our recent study of the 50 largest US cities, the South reigns supreme for spacious living.”
For the full report, click here.
