The American Institute of Architects found that home sizes are leveling off and buyers are choosing to migrate back to the cities. This effect is likely due to the population getting older – 3/4 of homes are forecast to be without children in 2025 – and the sense that high fuel cost for transportation will be a permanent fact of life. [Link]
When Sarene Byrne and her husband, Tom, sent the last of their three kids off, they concluded it was foolhardy to continue paying nearly $20,000 a year in property taxes on their 6 ½-acre property with its 6,100-square-foot house, pool house and barn in Crosswicks, N.J.
“We said, this is ridiculous, why do we have this house?” Ms. Byrne says.
“We really moved in order to downsize, to have a house that was really affordable, easy to take care of.”