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NWS News Corporation

30.78
-0.32 (-1.03%)
28 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
News Corporation NASDAQ:NWS NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.32 -1.03% 30.78 30.42 31.19 31.07 30.59 30.94 468,688 01:00:00

American Homeowners Have More Extra Bedrooms Than Ever, New Realtor.com® Report Reveals

18/12/2024 11:00am

PR Newswire (US)


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The trend in increasing number of excess bedrooms is driven by both declining household sizes and by an increase in the number of bedrooms per home

SANTA CLARA, Calif., Dec. 18, 2024 /PRNewswire/ -- Although your home might feel tight this holiday season, nationally, the number of extra bedrooms, defined as a bedroom that is in excess of the number of persons in the home, plus one to account for an office, has reached the highest levels in Census record history, according to a new report from Realtor.com® released today. 

In 2023, the number of extra bedrooms in the U.S. reached 31.9 million, up from 31.3 million the year prior and over four times the 7 million extra bedrooms the country had back in 1980. Additionally, taking into account that the U.S. housing stock is as large as it has ever been, the analysis found the share of all bedrooms that could be considered an "extra" bedroom has also reached a record high of 8.8%. This is up from the 8.7% in the year prior and over twice the 3.5% rate in 1980. The record–high number and share of excess bedrooms in the U.S. is driven by both an increase in the number of bedrooms per home and a decline in the number of persons per household.

"During the holidays we often feel the need for more room, especially for guests; however, we are in a golden age of extra bedrooms," said Danielle Hale, chief economist, Realtor.com®. "Since the 1980s we have seen the average number of bedrooms per home increase, and maybe more importantly, the number of persons per household has declined, creating an environment where we see both the largest number of extra bedrooms and the largest share of extra bedrooms, even with Americans using spare rooms as offices."

Are houses getting bigger? Not exactly. While there has been an increase in the average number of bedrooms per home over the past 50 years, growing from an average of 2.5 rooms in 1970 to 2.8 rooms in 2023, there has been no change over the past 10 years when the average was also 2.8 rooms per home in 2013. The more significant factor is a declining number of persons per household, falling from a high of 3.1 persons per household in 1970 to a record low of 2.5 persons per household in 2023.

Extra bedrooms are more common in the Mountain West and South. The trend of excess bedrooms is most pronounced in the Mountain West and South, where land is plentiful and homes are often built with more square footage and larger floor plans. Homes in densely populated urban areas where land is scarcer and more costly tend to have fewer extra bedrooms, reflecting the higher demand for space-efficient living and affordability.

The 10 markets with the highest share of total bedrooms that could be considered excess are:

  1. Ogden, Utah (12.2%)
  2. Colorado Springs, Colo. (12.1%)
  3. Salt Lake City, Utah (12%)
  4. Memphis, Tenn. (11.8%)
  5. Atlanta, G.A. (11.6%)
  6. Cleveland, Ohio (11.3%)
  7. Wichita, Kansas (11.3%)
  8. Columbia, S.C. (10.8%)
  9. Charleston, S.C. (10.7%)
  10. Jackson, Miss. (10.7%)

The 10 markets with the lowest share of total bedrooms that could be considered excess are:

  1. Miami, Fla. (5.9%)
  2. Sarasota, Fla. (6.4%)
  3. New York, N.Y. (6.5%)
  4. Los Angeles, Calif. (6.6%)
  5. New Haven, Conn. (6.7%)
  6. Worcester, Mass (6.9%)
  7. Stockton, Calif. (6.9%)
  8. Bakersfield, Calif (7%)
  9. Urban Honolulu, Hawaii (7%)
  10. Providence, R.I (7.1%)

To read the full report and learn more: www.realtor.com/research/december-guest-rooms-2025/

Methodology
For this analysis, we gathered data on household inhabitants and bedrooms from the US American Community Survey (ACS) nationally and for the 100 largest metro areas between 1970 and 2023. From there, we calculated the number of available bedrooms as the (total number of bedrooms) – (the number of household members) – 1. We subtract 1 additional bedroom to account for various uses, such as an office or storage space. We compared the resulting count of homes with spare bedrooms to the total number of owner-occupied households within the metro to come up with our metric for the share of homes with unoccupied bedrooms. We estimated home values using the self-reported value of owner-occupiers in the ACS.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: Mallory Micetich, press@realtor.com

Cision View original content:https://www.prnewswire.com/news-releases/american-homeowners-have-more-extra-bedrooms-than-ever-new-realtorcom-report-reveals-302334372.html

SOURCE Realtor.com

Copyright 2024 PR Newswire

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