Conspicuous Consumption to Consciencious Consumerism. Need a moment? Ok, we'll call it the 4Cs.
Back in the day when Baby Boomers were calling the shots, real estate had a much different perspective. Rising land costs somehow translated to requiring larger homes. It also was a measure of success; take that Mr. Jones! The average size of a home (U.S.) in 1978 was 1750sq.ft.; by 2008 it was 2520sq.ft. Perfect example of the first 2Cs. But long before 2008, the seeds of change began to impact our thinking. In 2010 the average dropped for the first time to 2480sq.ft. And it's expected to go to 2150sq.ft. by 2015. Whoa!, hope that's not 2015sq.ft. by 2150!
Factors for the change include rising energy costs, municipal planning and development policies, technological advances incorporating better use of space. and the second 2Cs., embraced by Gen Xers and mainstreamed by Gen Yers. It's my view that Gens X and Y consciencious consumerism stems more from the realization that the Baby Boomers ain't gonna pass on all their money to the young-uns than saving the planet, but again, I digress.
Fact is, smaller homes will allow the Buyer to add more amenities for the same buck, are easier to maintain, fewer repairs, lower costs to run, less space to fill up, walls to hang the Picassos, etc. Collectively smaller homes will reduce the current negative impact on the environment. In other words, living better with less, thereby avoiding plan B, packing up the family and moving to Mars. Imagine the water bill!!