According to LendingTree, half of all Americans would prefer to live in their dream home than pay off their debt. In their study of what Americans would give up to live in their dream home, LendingTree identified what luxuries they would be least, and most likely give up.
According to the survey, 42% of Americans would be willing to give up meals out to pay for their dream home. On the other end of the spectrum, 83% are unwilling to give up their smartphone for their dream home.
Millennials are more optimistic about owning their dream home than older homebuyers, LendingTree found. According to the survey, 56% of millennials say they will purchase their dream home one day, compared to 28% of baby boomers. A higher percentage of younger buyers are aiming for high-priced homes: nearly 20% of Gen Zers and 15% of millennials say their ideal home costs more than $1 million, compared to just 7% of baby boomers.
Still, both of these groups are mindful of costs, saying their dream home is less than $500,000, and both desire multi-car garages and walk-in closets. Additionally, a higher percentage of millennials, around 75%, say their first home was a “starter home,” compared to 56% of baby boomers.
Millennials are set to take over the market, according to David Cobb, Regional Director with Metrostudy, most homebuyers by 2030 will be millennials or younger, on Jacksonville Daily Record. Cobb’s report, with information from Metrostudy and Neustar, revealed that 51.9% of new home sales in Jacksonville, Florida, were by millennials.
Cobb added that the average home size is 2,600-square-feet, which is almost double than the average home in 1973. Young buyers, however, are searching for something different, including energy efficient features, smart technology, and patios.
He said Salt Lake City, Utah, which has millennials responsible for 70% of home sales, is an example of this new trend.
Another study, by the National Association of Realtors (NAR), found that Madison, Wisconsin, had the highest percentage of millennial as a share of its population in 2017.
The report stated that millennial made up 32% of Madison’s population in 2017, and the share of millennial moving to the area, when compared to non-millennial, was 75%.