I came across kind of a fun survey the other day that asked Americans to describe the home of their dreams. According to Northshore Fireplace, the average American dream home is a newly constructed modern house with slightly less than 2,200 square feet. The most desired luxuries of this dream home were land and privacy. The room most valued was the living or family room. Surprisingly, only 15 percent of respondents – which included Millennials, Gen X and Boomers – said owning a home near a good school was important. Only 11 percent wanted to be near entertainment and nightlife. The three most common words used to describe this dream home were comfortable, cozy and spacious. This makes sense, since the average dream home had 7.5 rooms (though Millennials only wanted 5.5 rooms).
I know, I know. We’re not realtors, but the survey did outline some trends based on demographics and geographics that you might find relevant to your business. I also wanted to point out a few pertinent facts. Of the survey respondents who said they were already living in their dream homes, a whopping 42 percent earn less than $50,000 a year, meaning homeownership is possible for many income levels!
The survey also noted that 60 percent of Millennials plan to own a home within the next five years and – get this – 64 percent of Americans believe they will own their dream home within their lifetime. I love it! This is absolutely an achievable goal for many, and it’s our job to provide them with the resources, knowledge and products to help them get there.
The mentality surrounding homeownership is certainly changing, which I think is a good thing. The survey noted that 75 percent of participants felt homeownership was a lifestyle choice rather than a necessity. I completely agree. There are very few things in life that are necessities. I love our clients because a home is part of their hopes and dreams. No one is holding a gun to their heads. They are buying properties because it makes them happy and fulfills part of their long-term aspirations. I think that’s amazing. This is what our business is all about, and I’m excited at the positivity, optimism and self-belief displayed by so many of these survey takers. Hearing statements like this makes our line of work so worthwhile!