Bowling alley, anyone? Zillow survey finds 98%
of adults still pine for at least one feature of their childhood
dream home
- Nearly two-thirds of Americans born in the 1980s (62%) and more
than half of those born in or after 1990 (55%) would buy their
childhood home today if cost were not an issue.
- Only half of all Americans say they could afford to buy their
childhood home at today's prices.
- About three-quarters of adults say that, as a child, their
dream home included a pool (77%) and/or a home theater (73%).
Similar shares of adults still consider these features part of
their dream home today.
SEATTLE, May 8, 2024
/PRNewswire/ -- There's an old saying that you can never go
home again, yet nearly half of all adults would do just that if
they could. A new Zillow® survey finds that 44% of Americans would
buy their childhood home if cost were not an issue, yet only half
of all adults say they could afford it at today's prices. An even
larger share of millennials and Gen Z adults would buy their
childhood home today. It suggests that the nostalgia
craze that has swept pop culture, social media, fashion and
marketing has reached housing.
"It appears younger generations aren't just nostalgic for
low-rise jeans and Barbie, but for a simpler time in their lives
when home was a place of comfort and safety," said Manny Garcia, a senior population scientist at
Zillow who conducted this research. "They may associate positive
memories with their childhood home, having lived there without the
burdens of rent, mortgage payments, maintenance, insurance or other
housing hurdles. Today, a comparable home can feel out of reach,
especially for younger adults who aspire to buy, but face steep
affordability challenges."
Children of the 1980s and 1990s are the most likely to say they
would buy their childhood home today — 62% and 55% respectively.
Yet almost half of those born in the '80s (47%) and nearly
two-thirds of those born in the '90s (62%) say they couldn't afford
it at today's prices.
Those would-be buyers now need to earn a six-figure
income to afford the typical U.S. home. Younger generations
may long for the housing market of their youth when prices were
lower, but their parents likely faced similar, if not worse,
affordability challenges in the early 1980s. In 1981, mortgage
rates soared above 18%, taking the typical monthly mortgage payment
amount up to 55% of a median income at the time. Today, a new
mover's mortgage burden represents nearly 40% of a typical income —
still well beyond the 30% threshold considered
affordable.
Buyers today have easier access to affordability resources. Home
shoppers can see down payment assistance programs they may be
eligible for on for-sale listings on Zillow. They can tap into
online affordability tools to better understand how much they
can comfortably spend on a home, and then shop for homes by monthly
payment, instead of by purchase price.
While many adults aspire to buy their childhood home today, they
likely envisioned a very different dream home in childhood. The
largest shares of adults say that, as a child, their dream home
included a pool (77%) and/or a home theater (73%). Today, 72% of
adults would still include a pool, and 76% would include a home
theater in their current dream home, suggesting some dreams never
die.
When reality sets in, practical features prevail. A vast
majority of adults now dream of a home with air conditioning (89%),
a walk-in closet (89%) and a laundry room (85%). However, that
inner child lives within a significant share of adults, who still
want a bowling alley (43%), a frozen yogurt or soft serve machine
(34%), and a soda vending machine (24%) in their present-day dream
home.
Not all generations grew up pining for the same dream home
features. Elevators reveal the largest generational divide: 58% of
those born in the '90s say their childhood selves dreamed of having
a lift in their home versus only 21% of those born in the '50s and
earlier. There is an almost equally large 35-point gap for Jacuzzis
and hot tubs. Conversely, 38% of children of the '50s and earlier
dreamed of a home with a white picket fence in their childhood,
while only 21% of those born in the '90s say the same.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate
to make home a reality for more and more people. As the most
visited real estate website in the United
States, Zillow and its affiliates help people find and get
the home they want by connecting them with digital solutions,
dedicated partners and agents, and easier buying, selling,
financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
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SOURCE Zillow Group, Inc.