Having a certain amount of money — and we mean a certain large amount — insulates the rich from the hardships suffered by the poor. The rich have been doing quite well since the end of the Great Recession. But they’re trying not to flaunt their wealth. The divide between the rich and poor is getting so large that, well, if you’re rich, you can’t be too careful these days.
Luxury homes — let’s call them mansions — have shrunk in size. It’s hard to believe, but Laurie Moore-Moore of the Institute for Luxury Home Marketing, says there’s a trend toward smaller mansions. Biggies in the fifteen to twenty thousand square foot range are becoming hard to sell.
In case you don’t know square footage, the average American home grew from 983 square feet in 1950 to 2,349 square feet in 2004. As you rise above 2,349 square feet, you come first to what’s sometimes called a McMansion, and only if you continue to rise and get real interior acreage do you come to the true mansion. The McMansion is simply a bloated dwelling with an exterior style which mimics a French chateau or an Italian villa, whereas the true mansion looks more like an exclusive hotel. A true mansion would have, or used to have, eight or nine times the square footage of the average dwelling.
But for the rich, the new, post-recession size is smaller, around five thousand to seven thousand square feet. Modesty has become important to the wealthy. In terms of square footage, anyway. It turns out that the inside of these smaller mansions are packed with more luxuries. After all, you have to do something with that money, you can’t just give it away.