Energy puts squeeze on super-size homes

July 21, 2008

The Sun continues to blame the ever-falling real estate market on the usual suspects - subprime loans, bad debt, tight credit, the poor economy, etc. But it ignores one other very significant problem with homeownership - the increased cost of energy ("Some metro prices drop to 3-year lows," July 11).

These days a 3,500-square-foot home is likely to run an energy bill of $500-plus per month. Factor in property taxes on a $700,000 to $800,000 house, and a family may be looking at household expenses of more than $1,000 per month before it has even paid the bank its monthly stipend, the mortgage.

Throw in the cost of food, maintenance and so on and it's no wonder pricier homes are sitting on the market.

With all of the other economic issues at play, I see Americans completely reassessing their lifestyles and the larger rural homes going the way of that brand General Motors is desperately trying to dump, the Hummer.

Peter Bell

Monkton

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Energy puts squeeze on super-size homes

Related topic galleries: General Motors Corp., Homes

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