Homeownership has long been a huge part of the American Dream. But what does this American "dream home" look like? In May 2015, Trulia surveyed over 2,000 Americans about their dream home "wants", including location, amenities, style, and size. Here's what that survey found about the home aspirations of today's American Dreamers.
Overall, today's homeowners are searching for a home that is modern, mid-sized, optimal for entertaining and suburban. But this survey also found several generational trends, as well:
Baby Boomers (55+ Years Old)
- Favor ranch-style homes (likely for lower maintenance and accessibility).
- The ideal home size for this age group is 1,401-2,000 square feet (25% of survey respondents selected this home size).
- Would rather live in the countryside or suburbs, compared to city living.
- Backyard decks and open floor plans were the most desired home amenities.
Generation X (35-54 Years Old)
- Also prefer to live in the countryside or suburbs.
- Favor modern (17%) or other (37%) styles of homes. "Other" includes options such as Mediterranean style homes, townhouses, houseboats, etc.
- 24% of Generation X respondents agree their dream home is 2,001-2,600 square feet.
- Generation X-ers value backyard decks and gourmet kitchens.
Millennials (18-34 Years Old)
- 22% of Millennials surveyed preferred modern style homes. Only 6% surveyed Millennials would prefer a high-rise penthouse.
- Overall most Americans wanted to live in the countryside or suburbs over a major American city (8%), but for Millennials, living a short commute to work (34%) and in a great school district (34%) were far more important than the geographical location.
- 60% of Millennials' dream homes would have a balcony with a view.
- 59% of Millennials' dream homes would have a backyard deck.
- 29% of Millennials don't know how big their dream home should be.
Over one quarter of Americans are regularly searching for a dream home online, with 28% looking at least once a month. If you're looking to buy a home, there is no better time than now. Mortgage interest rates are still near historic lows and there are several loan options that are making homeownership, down payments, closing costs and mortgage insurance more affordable and accessible than ever.
Interested in finding out what it takes to buy and finance a home? Download our free Mortgage 101 Handbook, a great resource for first-time homebuyers.