US millennials continue to hold onto the belief that owning their own home is an integral part of their American dream, despite various challenges. According to a survey conducted by Falls & Co., a marketing firm, 89.5% of millennials aged 25-44 expressed their desire to own a home, with less than 1% indicating otherwise.
The survey revealed that 63% of respondents expressed a longing for a home of their own simply because they liked the idea of living in one. Additionally, 44% saw homeownership as a means to build their wealth, while 23% admitted that the desire to buy a home stemmed from their upcoming marriage. Furthermore, 20% stated that having children was a significant factor in their decision to own a home.
According to the survey, the majority of respondents (76%) preferred a single-family home, while only a small percentage wanted a condominium (3.6%), apartment (8.6%), or mansion (3.7%). Location was the most important feature of a home, followed by the number of bedrooms and size. Curb appeal was the least important, while energy efficiency and smart home devices were lower priorities.
Only 16% of those surveyed were interested in a fixer-upper, while 32% wanted a move-in ready home and 24% preferred homes that needed minor cosmetic repairs. Thirteen percent (13%) preferred a brand-new home.
Forty percent (40%) wanted to live in the suburbs, while 31% preferred living in or near a city. Only 23% wanted to live in a rural area. California was the most desired state to live in, while Florida was the least desired due to factors such as cost of living, proximity to family, safety and security, and job opportunities. Political considerations and natural disasters were not as important to respondents.
According to the survey, 46% of respondents expect their future homes to be bigger than their parents’ homes, while 40% expect them to be the same size and 14% expect them to be smaller.
For more information check out bargainhousenetwork.com