First Home Development

October 2, 2008

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Profile America — Thursday, October 2nd. The way Americans bought homes changed forever this week in 1947. That’s when one of the first communities built by a real estate developer opened for residents to move in — Levittown, on New York’s Long Island. Named for William and Alfred Levitt, the town ultimately contained more than 17,000 Cape Cod and ranch homes. Before Levittown, homeowners in the U.S. individually bought a lot and then contracted to have a home built on it. The houses in Levittown had 800 square feet of floor space and sold for $8,000. In 2006, just before the housing market collapse, the average new home in America had some 2,500 square feet and sold for more than $246,000. You can find these and more facts about America from the U.S. Census Bureau online at <www.census.gov>.

Sources: Statistical Abstract of the United States 2008, t. 1211
http://www.census.gov/compendia/statab/2008edition.html