Being a Realtor I am always hearing clients talk about their dream home, but what really makes up a dream home? A recent survey conducted by Digital Third Coast asked current and prospective homebuyers from across the United States about what their dream home would include.
Dream Home Criteria
- Location- The location of where a dream home would be located varied by generation. For Millennials their dream home is located in the suburbs while Baby Boomers are picturing their perfect place near the beach and Generation Xers are ready to settle into their ideal home in the countryside. The variance in location is not much of a surprise based off of each generations age and subsequent needs. For instance, 15% of the surveyed group stated that being close to good schools was a key factor in a dream home. This percentage of individuals are most likely the Millennials and not the Generation Xers who are past their years of worrying about good schools.
- Size- The ideal size of a dream home is 2,195 square feet. This is interesting to note due to the fact that the average sized home in America in 2017 was 2,422 square feet. So, this means that a bigger home does not necessarily equal a dream home. Gone are the years of people envisioning themselves in a mansion but rather a more manageable home.
- Age of Home- 60% of people in the survey saw their dream home being a brand new build. This makes sense because if it is a dream home you want to make certain that it is exactly the fit and finish that you want and not an older home that someone else built.
- Price- What is the most surprising to me about the study was what individuals were willing to spend to obtain their dream home. The study states that the the average price that participants were stating they would spend on their dream home is $1.3 million dollars. What makes this interesting is the average home sale price in June 2018 was $363,300; so this means that in the surveyed group they are willing to spend a million more dollars on a home for it to be their dream home. And 64% of the group surveyed believed that at some point in their life they would be renting or owning their dream home.
Source: Digital Third Coast