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[Study] Half of Americans Say Their Dream Home is “Unattainable”

November 11, 2022 No Comments

Home ownership across generations by the numbers

While the real estate market seems to be cooling a bit, skyrocketing mortgage rates are driving affordability to the lowest level since the 1980s. Americans are taking notice and realizing their dream home may never be in the cards. I wanted to make sure you saw the report I sent last week on American’s dream homes.

More than 1,000 Americans across each generation were surveyed. The study found 90% believe owning a home is part of the American dream but 51% say it isn’t attainable.

Still, renters are hopeful they will get into a home soon. The report includes generational insights on what people are looking for in their ideal home and how many wish to own a vacation home.

If you close your eyes and picture your dream home, does it look similar to where you’re currently living?

For the overwhelming majority, that dream home is just a dream.

IPX1031 surveyed more than 1,000 Americans across each generation about their dream homes. 94% said they are not currently living in their dream home, with the top reason being they cannot afford it.

What would those dream homes look like? Where are the dream homes located? How much would the dream homes cost?

The study found…
– Modern was the top architecture and interior design style
– 57% prefer new construction over renovating a home
– 35% want four beds
– 38% want 3 baths

The most desired dream home features…
1. A view
2. Big backyard
3. A Large family room
4. Front porch

The top luxury amenities people are looking for are land and privacy (59%), a hobby room (48%), and a home theater (42%).

51% said their dream home is out of reach, with half of millennials estimating their dream home would cost between $500,000 to over a million dollars.

Take a look at the full report, which also includes generational insights on what people are looking for in their ideal home, how many renters plan to become homeowners in the next five years, and which generation wants to own a vacation home.

For unboxing of dream home features ( fridges, kitchen appliances, bathroom remodeling, or kitchen remodeling) or informational articles, email advertise@fromgirltogirl.com for pricing or requests.

To dream home states are California, Florida, New York, Washington, and Colorado.

Reasons why you should invest in property as a single woman

Fact: 20% of property buyers in 2018 were single women as compared to only 7% single men, according to National Association of Realtors. The percentage of women buying investment property has risen constantly for the last 3 years and continues to increase. Homeownership brings financial security that protects women’s progress and also paves the way for future generations.

It comes with numerous advantages that distinguish it from other types of investments such as stock. For instance, buying an investment property provides appreciation as well as steady cash flow from tenants. Also, factors that you should consider when starting a business, such as proximity to your home and workplace, might not be as important when investing in property. Here are the top reasons why you should purchase an investment property:

You enjoy full control and fewer risks

Right from the start, you are free to decide which type of property to acquire, such as a single family home or condo. You also get to choose a suitable option for your financing, which may include loan agreements, or accessing private money among others. As a single woman, you can solely set how much to charge for rent, whom to rent out to or sell property. Real estate has fewer risks than other types of investments especially if you are looking to invest on a long-term basis. As the years go by, there are fewer risks of loss because equity and prices build with time. Also property investment will always have value since via physical assets, unlike stock investment which could collapse at any time.

Tax benefits and deductions

There are many tax reliefs that come with purchasing an investment property. For example, cash flow from an investment property is tax-free, as Mashvisor reports. Property investors can deduct almost all expenses related to owning and managing such property including property taxes, mortgage interests, insurance, and operating expenses. Extra cash can be used to meet the cost of potential repairs as they arise. Additionally, when an investor sells her property to reinvest the profits, she does not pay capital gains tax.

Protection from inflation

Historically, rental charges and home prices rise with inflation, as reported by Roof Stock. This may provide an inflation barrier for both your rental income and appreciation value. Similarly, inflation does not change your mortgage rates because they are fixed. Even if some costs such as insurance and property tax may increase, you can choose to increase the value of rent hence balancing the equation. Therefore, when you opt to invest in rental property, inflation will be on your side.

There are many reasons why investing in property continues to be a popular choice in the U.S.A and the rest of the world. You get to enjoy significant benefits that other investment opportunities do not offer. However, it is essential to understand that mistakes in the real estate sector can be expensive especially if you are a single woman. Always think about why you are opting to invest in the first place, and whether it is in harmony with your current circumstances and the future.