My parents have recently divorced and I chose to stay with dad. Our family home was quite big, with a yard, patio,… now my dad rents a studio - we have living room, kitchen, bedroom (1 room) + bathroom + balcony. I actually really love it, it’s very cozy, intimate, nicer location, easier to clean, less clutter…
Another thing to consider about big spaces is that we often find things to fill them with. I’d rather have a smaller space and prioritize what I need, than have lots of room to store junk I shouldn’t have bought in the first place.
Facts. Folks tend to only carefully consider what they keep or bring in when it causes issues, like running out of space. They don’t usually think about it otherwise.