As the economy recovered, it rose steadily and peaked at 2,802 square feet in 2015. The average home size dropped from 2,716 square feet in 2009 to 2,311 square feet in 2011, as demand eroded after the Great Recession.
#COST TO BUILD NEW HOUSE IN MINNESOTA TEMPLATE SERIES#
Historically, average square footage in the NAHB survey has tended to move in the same direction as in the Census Bureau’s series with a lag, and with wider fluctuations, as you would expect from the smaller sample size. The average single-family home size in the 2019 NAHB Construction Cost Survey is 2,594 square feet of finished floor space, the smallest square footage since 2011. Table 1 shows the detailed results of the 2019 Construction Cost survey. Usable responses were received from 49 builders. Respondents were asked to provide information about the typical single-family home built by their firms during 2019. The new format simplified data collection, greatly reducing the number of follow-up calls needed to clarify and verify builder responses. In 2013, we created eight subcategories for each of the major stages of construction, with a total of 36 sections grouped under the appropriate construction stage. Prior to 2013, the breakdown had 29 sections.
In 2013, NAHB developed a different construction cost breakdown that more closely resembles the steps that builders take when building a home. In 2009, the survey methodology changed to provide a better, more representative sample of single-family construction across the country.
Over the years, NAHB has modified the survey and its methodology. The sample was stratified by the size of the builder (based on the number of 2018 single-family starts) and by region of the country (the sample being proportional to housing starts in each of the four principal Census regions). NAHB’s 2019 Construction Cost survey was conducted by emailing a questionnaire to a representative sample of 6,516 home builders. The following sections describe the methodology of the survey and discuss the results in more detail. These percentages cover all costs paid by a builder, including labor, materials, and the cost of hiring subcontractors. Of the major stages of construction, interior finishes, at 25.4 percent, accounts for the largest share of construction costs, followed by framing at 17.4 percent. On average, builder profit is 9.1 percent of the sales price. NAHB’s most recent Construction Cost survey (conducted in the fall of 2019) shows that, on average, 61.1 percent of the sales price goes to construction costs and 18.5 percent to finished lot costs. Over the years, NAHB has periodically conducted “construction cost surveys” to collect information from builders on the various components that go into the sales price of a typical single-family home.
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