What does the average American dream home look like and cost in 2018?
How about a cool $1.3 million? This according to a new survey of 2,000 Americans is the average listing price for an American dream home.
But despite this high price tag, only 64% of Americans believe that they’ll be able to obtain the home of the dream within their lifetime.
The data also shows some interesting trends in relation to millennial home buyers. Two-thirds of millennials currently don’t have anything saved for retirement, but 60 percent of millennials believe they will own their home within the next 5 years.
How that for wishful thinking?
They’re also willing to pay $1.5 million for their dream home. And surprisingly, most of them would rather live in the suburbs than in the city or out in the country.
Let’s take a deeper look into the analysis from the survey.
- On average the typical American dream home would cost $1.3 million dollars, have 7.5 bedrooms, and be on average 2,195 square feet.
- 75% of Americans feel that home ownership is a lifestyle choice, rather than a necessity
- The ideal setting differs between men and women. Men prefer the dream home to be on a beach, where women prefer to be out in the country.
- The most important feature for the home is a view with peace and quiet, where the most desired luxury is more land and privacy.
- Being located near good schools and being near to entertainment and nightlife were surprisingly close, with only 15% saying that being close to good schools is important, where only 11% of people care about being close to entertainment and nightlife. Most people surveyed believe that owning their dream home will provide more space for entertainment, so the need to be located by it is less important to them.
This data shows that owning a home is certainly not for everyone. There is optimism from the survey respondents. 64% of American believe that they will able to obtain their dream home within their lifetime and some men are actually willing to pay twice as much for their dream home compared to females. The big takeaway from the survey data is that millennials finally appear ready to make a bigger splash in the home buying market. Much has been written about this trend in the last few years and we can only hope that this shows positive movement in the home buying market.