According to the annual data from the Census Bureau’s Survey of Construction (SOC), the share of new homes started with 5,000 square feet or more of living space stood at 2.90 percent in 2021, up from 2.50 percent in 2020. A total of 33,000 5,000+ square-foot homes were started in 2021, compared to 25,000 in 2020. The increase in number and share of 5,000+ square foot homes is consistent with the rising trendin median and average size of new single-family homes seen during the pandemic.
In 2015, the number of 5,000+ square feet homes started was the highest since 2007, and their share of the new market was the highest since the inception of the series in 1999. In the boom year of 2006, 3.0 percent or 45,000 new homes started were 5,000 square feet or larger. In 2007, the share of new homes that large increased to 3.6 percent while the total number that year fell to 37,000. In 2008, only 20,000 such homes were started, or 3.2 percent of the total. From 2009 to 2012, the number of these large homes started remained well under 20,000 a year, accounting for less than 3 percent of single-family construction during this period.
When analyzed by the different characteristics, 82 percent of 5,000+ square feet home started in 2021 have a porch, 74% have a finished basement, 68 percent each have a patio, 66 percent have a 3-or-more car garage, 63 percent have 4 bathrooms or more, 59 percent have a community association and 55 percent have 5 bedrooms or more.—BY ASHOK CHALUVADI