How much space do you really need?

Most people don’t want to live in a shoebox. But you may not need a giant mansion, either. So how large should your home be?

How many square feet do you need per person?

Each person should have 400 to 600 square feet. If you want to quickly determine how many square feet you need depending on your household size, take the number of household members and multiply it by 600 square feet. For example, if you have a 4-person household:

4 x 600 = 2,400

In this case, you would need a 2,400-square-foot home in order to live comfortably.

How do you calculate square feet?

Most real estate listings should indicate how many square feet the home is. If the listing doesn’t specify how many square feet the home is, you can contact the realtor.
If you’re building your own home or getting ready to list your home for sale, here’s how you can measure square feet: multiply the length of the room in feet by the width of the room in feet. For example, if a room is 30 feet long and 30 feet wide, you would multiply 30 x 30, which equals 900. In this case, the room has 900 square feet.

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Once you determine the square footage of each room in your home, add them up to determine the total square footage in your home.

How large is the average living space?

The average U.S. home is about 2,500 square feet. However, just because this is the average home size doesn’t mean you necessarily need to match this. Look for a home within your budget that still meets your family’s needs.

How to tell if you need a larger home

Moving to a larger home takes a lot of work. Bigger homes are more expensive and often require more maintenance. On top of that, your utility bills, like for heat and electricity, will typically cost more per month with a larger home. Here are some signs that you may need a larger home:

• You’re running out of bedrooms. If you have multiple children living in one bedroom, you may want to consider getting a home with more bedrooms. In some cases, two children can share a room, but three children per room can become chaotic.
• Your extended family is moving in. If you have relatives like elderly parents that are living in your home, you may want to consider a larger home to accommodate them.
• You’re running out of storage space. It’s important to be conscious of what you’re holding onto. For example, you probably don’t need to keep items of clothing that you haven’t worn in five years. However, if you find that you’re running out of space for your clothing, hobbies, or appliances, you may need a larger home.
• You work from home. If you work remotely, it’s wise to have a home office so that you can separate your personal life from your work life.

Remember—you don’t necessarily need to move into a new home for more space. It’s also possible to add an addition to your home to increase your square footage. Contact different contractors to get an estimate on how much an addition will cost and whether or not it’s possible for your property.

How to tell if you need to downsize

Downsizing means moving into a smaller home. Here are some telltale signs it’s time to downsize:

• Your home is too expensive. If you’re becoming overwhelmed by mortgage payments, it may be worth it to move into a smaller, more affordable home. But before you do that, look into mortgage refinancing.
• You’re overwhelmed by home maintenance. Home maintenance can be time consuming and expensive. If you find that you don’t have the time or money to keep your home in good condition, you may want to downsize.
• You have unused space. If you’re an empty nester or have multiple rooms in your home that aren’t used, you can save money by downsizing. Square footage can affect your property taxes.

Choosing to move, get an addition, or downsize is a huge decision that shouldn’t be taken lightly. Talk with your family or financial advisor to help you make the right decision.