Here’s how much the American dream home costs

Aly J. Yale
The Mortgage Reports contributor

High hopes

Just how much does the average American dream home cost? According to a new survey, about $1.3 million (or more, if you’re male or a Millennial.)

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The price of a dream home

A new survey by Northshore Fireplace analyzed how Americans see their dream home – its style, location, amenities, size and more. When all tallied up, the average dream home would cost about $1.3 million to buy.

Males have more expensive taste, with their dream homes running over $1.9 million, while females envision a more humble abode at just $989K. The average Millennial’s dream home clocks in at $1.5 million.

No-budget buying: what today’s home buyers aren’t willing to compromise on

Though these price tags may seem out of reach for many, the survey actually showed that 64 percent of Americans believe they’ll be able to buy their dream home at some point in their lifetime.

A full 60 percent of Millennials said they plan to buy a home in the next five years – though it may not be their dream property just yet.

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What the dream home looks like

The average dream home comes with 7.5 rooms, nearly 2,200 square feet and is new construction. It’s also ‘comfortable,” “cozy” and “spacious,” according to the survey.

Location-wise, males and Baby Boomers would prefer the beach, while females and Generation Xers want the country. Millennials largely want a dream home in the suburbs.

As for features, a modern style, privacy, lots of land and “a view with peace and quiet,” all ranked high. A mere 15 percent say being close to good schools is an important dream home feature, and just 11 percent want their house close to nightlife or entertainment options.

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Get today’s mortgage rates

Are you on the hunt for your dream home? Be sure to shop around and get the best mortgage rate first.

Verify your new rate (Feb 26th, 2021)