D.C. starter homes turning into forever homes
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New buyers aren't the only ones frustrated by this market. Existing homeowners stuck in close quarters are feeling the squeeze, too.
Why it matters: Your starter home could become your forever home.
What they're saying: "We have been stuck in our starter home since 2010 … and our family has doubled in size," Cameron Hurley tells us.
- She and her husband own a two-bed two-bath condo in the Atlas District — a big upgrade from their Adams Morgan studio.
They've dreamed of a larger space, but would have to leave the neighborhood to afford it.
- Instead, they've renovated over the years to make the space work for them and their family of four.
- The den became a bedroom, a wonky storage space became a half bath, and the living room is an everything room.
The big picture: First-time homebuyers are taking up a growing share of home purchases while current owners stay put.
- Half of potential sellers are waiting for mortgage rates to come down before they list, per Realtor.com.
- Roughly one-third of potential sellers have been thinking of moving for multiple years.
Shamika Lynch of Maximizing Tiny Interiors specializes in small-space design. There's been a noticeable increase in clients opting to renovate the space they have instead of upgrading to a larger home, she says.
- To maximize minimal square footage, clients are packing multiple functions in each space. For example, one client is adding a bathroom to their existing layout to complete a guest suite (that may double as a nursery one day), Lynch says.
The intrigue: U.S. homes are getting smaller, as households shrink, people have kids later in life and housing costs soar, Axios' April Rubin reports.