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First Home Developer

The way Americans buy a home changed forever in 1947. That's when one of the first communities built by a real estate developer opened for residents to move into -- 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 houses, snapped up by soldiers returning from World War II and facing an acute housing shortage. The houses in Levittown had 800 square feet of floor space and sold for $7,500. Today, the average new home in America has just over 2,500 square feet of living space and sells for more than $232,000.

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