What’s your version of the American Dream? If you ask a few people that question, you’ll probably hear very different kinds of answers. In an effort to more clearly define what the American Dream of homeownership means to people today, Trulia and Harris Poll conducted an online survey, the results of which are highlighted in this article.
For many Americans, homeownership is part of their personal American Dream. For some, this dream of owning a home is well within reach, but for others it may as well be a dream within a dream. But what does this dream home look like? And where is located? What amenities do people dream of most? To find out, an online survey conducted by Harris Poll on behalf of Trulia surveyed 2,026 Americans in late May 2015 to tell us about their homeownership aspirations and the home they hope to buy one day. Here’s what we found.
With the U.S. housing market on the mend, 7 in 10 Americans (71%) said owning a home is part of achieving their personal “American Dream.” While still a majority, this is a notable decrease from 77% in 2010. Yet despite this downward trend, America is not becoming a nation of renters. Most Millennial renters aged 18-34 (89%) plan to buy a home one day – more than any other generation.
But as more people today forgo or delay marriage and children, homeownership has become more of a lifestyle choice than an expected life milestone. Among parents with children under 18 years old, 81% said homeownership is part of their American Dream. In fact, most parents – regardless of their marital status – plan to buy a home as their primary residence once day.
Of the 18-34 years old who aspire to become homeowners, 72% said they plan to buy a home in 2018 or later. The sense of urgency only increased when marriage and children were involved.
Only a small subset of Americans (just 35% of homeowners) said they’ve already purchased their dream homes – that means an overwhelming majority are still searching for a perfect place to call “dream home”. In fact, over one quarter of Americans are regularly searching for a dream home online with 28% looking at least once a month. So what does the American dream home look like? Well, it really depends on how old you are.
In general, Americans aren’t big fans of McMansions or tiny homes. In fact, 44% want a home between 1,401 and 2,600 square feet – one that’s neither too small, nor too big. However, as people get older, their dream home gets smaller.
Moreover, Millennials and Gen X gravitate towards modern homes, which can often have newer home amenities and technologies. Baby Boomers, on the other hand, want ranch homes (aka single-story homes that are typically more accessible and without stairs).
Americans love to entertain and eat. The top dream home features were social spaces where guests could gather and mingle, namely a backyard deck, open floor plan, or balcony with a view. Food-related amenities like a gourmet kitchen or vegetable garden were also popular.
