Just how much does the average American dream home cost? According to a new survey, about $1.3 million (or more, if you’re male or a Millennial.)
The price of a dream home
A recent survey analyzed how Americans see their dream home – its style, amenities, location, size among other things. When it was all tallied up, the average dream home would cost about $1.3 million to buy.
Men have more expensive tastes, with their dream home running over $1.9 million, while women are looking for a more humble abode at just $989,000. The average Millennial’s dream home totals in at $1.5 million.
Though these price tags may seem out of reach for many, the survey actually showed that an optimistic 64% of Americans believe they’ll be able to buy their version of their dream home at some point in their lifetime.
A full 60% of Millennials said they plan to buy a home in the next five years – though it may not be their dream property just yet.
What the dream home looks like
The average dream home comes with 7.5 rooms, nearly 2,200 square feet and is new construction. It’s also ‘comfortable,” “cozy” and “spacious,” according to the survey.
Location-wise, males and Baby Boomers would prefer the beach, while females and Generation X’ers want the country. Millennials largely want a dream home in the suburbs.
As for features, a modern style, privacy, lots of land and “a view with peace and quiet,” all ranked high. A mere 15 percent say being close to good schools is an important dream home feature, and just 11 percent want their house close to nightlife or entertainment options.
Get today’s mortgage rates
Are you on the hunt for your dream home? Be sure to shop around and get the best mortgage rate first, and the first stop in that journey is talking with Steve Gilbert at Seattle Mortgage Brokers today about getting pre-qualified for a home loan. Call him at 206-687-3852 directly at get a free consultation.
*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371 MB# 761615