Be it ever so humble, there’s no place like home. Cute saying, but what’s with the humble part? When it comes to where we hang our hats, and spend most of our lives, people want to think big. We surveyed 2,000 Americans to see how they envision their dream homes.
First, owning a home isn’t for everyone. Home ownership is a big investment in time and money, not to mention factoring in locale and quality of life. In fact, 75% of people surveyed said they feel that owning a home is a lifestyle choice, not a necessity or requirement to a “good life.”
So if people do choose to own a home, they better make it something they love, right? Most respondents said they favored owning their dream home out in the country, with land and privacy as the most desired luxury. Living on a beach was also popular, and the suburban life was also called out as the most popular setting for Millennials.
Considering that 60% of those surveyed claim that a new construction house was the ideal, which usually costs a pretty penny the closer you get to a city center, perhaps the wide open spaces of rural and suburban areas is the best way to get a dream home. Only 15% stated that the quality of schools nearby was an important factor, and only 11% stated that having nearby entertainment and nightlife mattered to their dream home location, which is usually the biggest plus for a city-centric location. A sizable dream home probably provides all the space needed for entertainment.
So now that we know where people want their dream home, what else do they envision? Nearly half (46%) of respondents said they would spend the most time in their living room or family room of their dream home. That’s usually the hub of a house, where the TV and comfiest couch reside and families relax and lounge, so square footage matters. The most desired size for dream homes averages 2,195 square feet with 7.5 rooms, though the Millennials surveyed wanted slightly less rooms at 5.67. Bonus: less to clean.
Speaking of Millennials, 20% say they get anxiety just thinking about owning a home. Millennials came of age during the recession of 2008, and found an employment scarcity when they graduated college. Growing up with financial instability as the norm has an effect on future purchases, such as a 30-year mortgage. Though if they did buy a house, Millennials prefer a modern look. Other generations, like Boomers and Gen-Xers prefer a more traditional interior design.
While luxurious real estate is a fun daydream, many people are actually closer to owning their dream home than expected—in fact, 64% of Americans believe they will be able to obtain their dream home in their lifetime. And of the respondents who said they are already living in their dream home, 73% own a home, 51% live in the suburbs, and 40% are currently living in a 1400-2600 sq. ft home.
As for those ownership-anxious Millennials, 60% plan to own a home in the next five years. May it be humble or luxurious, there is no place like home.