Majority in survey say their homes lack sufficient space

REAL ESTATE WATCH

March 23, 2003

Could it be that American homes are too small?

A survey released last week found that more than half of all homeowners between the ages 18 and 54 said the size of their house limits activities such as inviting weekend guests, working from home and having more children.

The survey was conducted by International Communications Research in Media, Pa., for Champion Mortgage. It was based on 705 telephone interviews in January of homeowners nationwide. The survey has a margin of error of 6.9 percentage points.

Homeowners also ranked their wish lists for improving their homes this year. Landscaping ranked first, with homeowners expecting to spend $5,300 should they make that improvement. It was followed by a kitchen renovation - anticipated costs were $9,200 - and a room addition, with costs expected to reach $23,210.

Other findings:

Nearly 1 in 3 homeowners said home prices make it too expensive to move this year. Just 7 percent said they expect to buy a new home this year.

Fifty-five percent of homeowners who would make a home improvement hope to do it themselves, without the help of a contractor.

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