The real estate market has been on a wild ride these past few years and there’s still more uncertainty on the horizon. Now, many frustrated Americans are realizing they may never be able to afford their dream home.
IPX1031 surveyed more than 1,000 Americans across each generation about their dream homes. What do they look like? Where are they located? What would they cost, and are they in the cards?
The study found 90% of Americans believe owning a home is part of the American dream… but 51% say it isn’t attainable. Still, renters are hopeful they’ll be able to get into a home soon.
- 53% of Millennials and 47% of Gen Xers currently renting say they plan on buying a home within the next 5 years
- 57% prefer new construction over renovating a home
- California, Florida, New York, Washington, and Colorado are the top dream home locations
- 33% of Americans believe home ownership is a necessity in 2022, while 67% think it’s a lifestyle choice
The pandemic seems to still have an impact on what people want in their dream home. The top luxury amenities people are looking for are land and privacy (59%), a hobby room (48%), and a home theater (42%).
Take a look at the full report, which also includes generational insights on what people are looking for in their ideal home and how many Americans wish to own a vacation property.