The ideal house size is one in which you feel comfortable while also having a high utilization of space. You can certainly go smaller, but there are some considerations that may crimp your lifestyle. Since we don’t want to go outside the confines of the middle class, the ideal house size is therefore between 1,816 – 3,027 square feet. Owning a house equal to +/- 25% 2,422 square feet, the median size house as of 2021 gives you a typical middle class house size. Now that we’ve established some parameters, let’s get into the details. Regardless, banks won’t lend you more than a 42% debt-to-income ratio (DTI) anyway. 3X is what I suggest most readers pay with a 20% downpayment. I do not recommend spending more than 5X your household income on a home, especially given the real estate market has surged so much. Credible is my favorite lending marketplace where lenders compete for your business so you can get the best rate. Mortgage rates have dropped to all-time lows in 2021, but are ticking back up on inflation expectations.Ĭheck the latest mortgage rates with Credible for free. If you haven’t refinanced over the past 12 months, I highly recommend you at least check the latest mortgage rates. But due to a decline in interest rates since the 1980s, families have been able to stretch. In the past, it was always a good idea to limit your house purchase to no more than 3X your household income. $300,000 household income living in a $1.5M SF home. Therefore, wherever you are, owning a home equal to roughly 4X – 6X your household income puts you in the middle class.Ĭonversely, dividing your area’s median home price by 4 – 6 gives you an approximate middle class household income e.g. To start, the median home price in America is roughly $370,000 or 5.5X the national median household income of roughly $68,000 as of 2Q2021. To do otherwise would cause too much controversy and take away from the purpose of helping expecting families or existing families buy (or rent) the most family-friendly house. In determining the ideal house size and layout to raise children, I’d like to operate under the confines of a middle class household. The Ideal Size And Layout For A Family House If you’re looking to find the same, please read on. We’ve found the ideal home size and layout for the next 10 years. The neighborhood is also extremely quiet, which is a big change from our previous residence that recurrently experienced drunken frat bros screaming nonsense at 2am. There’s a nice view of the ocean and enough space for a hot tub and kids to run around outside. Therefore, we are more than happy living below our means.Įvery single room we have is fully utilized now that we have two children and both work from home. Further, we also wanted to generate more passive income to avoid having to go back to work. However, it was already risky enough buying a more expensive home in mid-2020. We could have purchased a larger, more expensive home. However, with the constant crying and whining of children, it’s been fantastic to have multiple levels for less disturbance. You’d think an ideal layout would be all rooms on one floor. The extra 1,000 square feet of space was welcome. Once we had our daughter and the pandemic hit, we decided to buy a ~3,000 square foot forever home. It was plenty of space for my wife and me and our baby boy. We used to live in a modest 1,920 square foot home with three bedrooms and two bathrooms. This way, we can all keep our independence while also sharing family time every day. I fantasize how it’d be nice to put my guests in a separate wing with their own kitchen, bathroom, and living area. The only time I want a mega-mansion is when my in-laws or parents come to visit. Further, when you have kids, you will also desire to hav a lot more space so you can think! A Change In Home Sizes When you have a family, you simply want what’s best for your kids. Home offices is also a must have for millions who work-from-home nowadays. With tens of millions of people experiencing sheltering in place, the value of a house has gone way up! Larger houses with views, yards, hot tubs, and pools are in demand. This post will look at the ideal house size and layout to raise a family and live your best life.
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