A new survey shows plenty of pent up demand for home buying, but the market must evolve
After a painful pop, the ugly aftermath of the housing bubble has been felt across the U.S. Despite the problems it caused, however, it didn't do much to reduce Americans' desire to own a home. A new survey conducted by Harris Interactive on behalf of online real estate resource Trulia shows that 70% of Americans still view home ownership as a part of the American Dream. The percentage is unchanged from January. But the Americans' specific preferences for home ownership are shifting.
Leaving the Suburban McMansions Behind for Modest, Urban Homes
One of the most significant findings was that Americans are no longer interested in giant houses. The survey shows that, even compared to last year's survey results, the ideal home is shrinking. The portion who preferred a home bigger than 3,200 square feet declined by one-third. Meanwhile, 32% of respondents said that their ideal-sized home was 1,401 to 2,000 square feet. That's the biggest portion of respondents of any of the survey's five size categories and is up from 28% a year earlier.
Cities are also becoming more attractive to Americans. The survey found that short commutes are a very high priority among Millennials, as 57% wanted to live near urban centers. That might not be surprising, but this is: Baby Boomers share the sentiment. A majority of respondents in this generational category said that they intend to buy another home, which would ideally be nearer to more restaurants and shops. Suburban life may be fading.