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94% of Americans Say They Cannot Afford Their ‘Dream Home’

94% of Americans Say They Cannot Afford Their ‘Dream Home’

The American dream looks slightly different for everyone, but a majority would agree owning a home is part of it. Unfortunately, a new poll found that millions of Americans believe they’ll never own their “dream home.”

A new survey from IPX1031 asked American renters and homeowners — from Gen Z to Baby Boomers — about their “dream home.” Out of more than 1,000 respondents, an overwhelming 94% said they’re not currently living in their dream home because the price tag is too high.

The current average price of a home in America is $507,800 (give or take a few hundred thousand depending on your location). Compared to just five years ago when the average price of a home was $235,000, it’s not hard to see why Americans aren’t living in their dream homes just yet.

Over half of those surveyed said they’re slowly accepting the idea they’ll never own their dream home, but two-thirds say that’s no big deal to them. Sixty-seven percent view homeownership as a “lifestyle choice,” not a necessity.

Still, one generation isn’t just giving up hope on their dream house; in fact, they’re hoping for a little more. Thirty-four percent of Gen Z correspondents said they hope to own not just one, but two homes. Their idea is to have a regular home and a vacation home they could visit a few times a year. Better start saving up now, Zoomers!

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