The concept of the “American Dream” is one thing for certain, if nothing else: ambiguous. That is to say that most Americans have their own variation of what it means to be living in the United States. Of course, staples like raising a family and working in a career you love still reign supreme, and for good reason. However, few could have predicted that owning a home would be less popular today than it was just five years ago. In fact, the number of people who consider owning a home to be part of the American Dream has dropped six percent since 2010.
“Homeownership has become as much of a lifestyle choice than an obligatory milestone,” says Selma Hepp, chief economist with Trulia. Prospective homeowners appear to have traded in the opulence of the past for a more modest living situation. Fifty-nine percent of those surveyed indicate that they want a deck in the backyard of their dream home. Other desired features included swimming pools, views and vegetable gardens. Remember, these are dream homes we are talking about here.
“Most people want a mid-sized, modern home in the suburbs with a backyard deck,” Hepp says. “Americans are pretty realistic and practical when it comes to what they want in their dream home.”
It wasn’t long ago that most Americans would have taken the biggest house on the block. However, with the recession still fresh on many minds, the definition of necessity has changed – even as it relates to dream homes. For a better idea of the new American Dream, refer to the following: