As McMansions were being built in the early 2000s, some observers questioned whether the homes — named after the generic, mass-produced approach of fast food — would remain desirable. They were criticized for being ostentatious and cheaply built. They were often stuffed onto suburban lots that seemed too small, where the main structure appeared to be dominated by the three-car garage.
Targeted at Generation X in their homebuying prime as they raised families, many of the buyers in their 30s and early 40s lost the homes in foreclosure as values plunged. Now, McLaughlin said, there are few buyers for the pricey homes in part because of a change in demographics.
Gen Xers have been scarred psychologically and financially from the crash in their home values, short sales and foreclosures, he said. With tarnished credit scores, many who lost homes can't afford to buy again.
Meanwhile, millennials are not marrying and having families at the rate of previous generations, loans are tough to get, and renting in cities is more popular with single affluent 20-somethings than buying large suburban homes. Baby boomers tend to downsize rather than replace family homes with McMansions, McLaughlin said.
http://www.chicagotribune.com/business/ ... story.html
McMansions RIP
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MachineGhost
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McMansions RIP
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