We have all been there. You are driving down the highway, and a car zooms past you, going at least 100 miles per hour. Or maybe you are like me, and you drive a smaller car, and you have a giant Ford F-250 rolled up on you just inches from your bumper, and they are blaring sunspot-level halogen lights. Or maybe this has happened, you visit a peer from work or other social circles, and you get to their house, and it is a sprawling McMansion where the couple and their one kid occupy a house built for the Fresh Prince of Bel-Aire. It seems in life that, everything gets bigger. Our waistlines, our meals, our homes, our cars. And we often (especially in Texas) say bigger is better. And we are encouraged to feel that way. Television commercials prompt you to enjoy 2X more beef! HGTV has home show after home show focused on bigger and better upgrades and expansions. All of this is in the pursuit of market share and price valuations. And it is also in the name of luxury because, after all – you deserve it.
Consider this. In 1950 the typical three-bedroom home in the United States was 950 square feet and lives on a lot 1/3rd the size of the average home today. In 2014 the average home size ballooned to 2,700 square feet for a new home. And the average value of that home was about $40,000 in today’s dollars. The average home price in the United States is $340,000. No wonder new home buyers cannot afford a new home.
Now juxtapose that to car buying. In 2023 the average cost of a new vehicle hit $50,000 for the first time. 73% of Americans own an SUV or a Truck. The average weight and size of these trucks and SUVs have gone up 73%, according to a AA study in 2022. This has resulted in a monthly average car payment of $650 for families. And these upgrades in size and luxury come at a price. In the United States, deaths from motor vehicle accidents have increased by 33% in the past ten years and pedestrian deaths by 77%. Not to mention these vehicles weigh almost 200% more than their predecessors. This results in more road wear and tear and higher carbon emissions.
I point this out for selfish reasons. I drive a Hyundai Kona (a small car) and live in a two-bedroom apartment. I do this on purpose. First, it’s just my wife and I. We are empty nesters. I don’t need more cars and more apartments; I need less. Our small apartment is 1,079 feet or about the size of a 1950 house, and my car is comparable to a 1980 Honda Civic. And I love it. But the problem is that everyone around me is getting bigger and bigger, killing me. Last month my car insurance rose 33% from the previous term, and my renter’s insurance went up 40%. I am told this is to make sure everyone else has good coverage and that coverage costs. UGH!
I know Americans like big things, but can we tap the breaks a bit? My guess is if we were willing to reduce our car and home sizes by just a tiny amount (say 20%), that would have a HUGE impact on our environment, pocketbook, and stress level. Also, as we age, maybe moving into a condo or apartment to allow families to own a home could be a novel concept. And for the love of GOD! Let’s stop with the car and home inflation and live a frugal life. Trust me, it’s better out here when it’s lighter.