Nearly 40% of Americans feel stuck living where they are

Rising housing prices are making Americans rethink the “dream home” and the “dream workspace,” where luxury is out and practicality is in.

A new survey of 2,000 American adults found that 58% have seen housing costs rise over the past five years and 39% often feel stuck living where they are.

Many are also concerned about housing affordability (50%), crime (40%) and home repair (35%).

Commissioned by Built, the construction and real estate finance technology company, and conducted by Talker Research, the study found that Americans currently spend 25% of their monthly income on housing, but ideally would like to spend 19%.

The average potential home buyer would need mortgage interest rates to drop to at least 4% before they would consider moving to a new home, and 42% would likely consider moving if they were prompted from a destination’s local programs to buy or build a home there. .

Today, 43% of Americans surveyed rent their homes, while 57% own their homes.

Nearly half (49%) of renters said they prefer to rent, although 47% said they would like to own a home one day – 17% of whom would like to own a home within the next 18 months.

In fact, a third often think about their “dream home” as well as their “dream workspace.”

“Rising costs are making people really rethink what’s really important to them,” said Tanner Dieterich, head of owner and contractor relations at Built. “If you look back just a few years, people wanted swimming pools and home theaters.”

“Now, data shows they prefer practicality – a minimalist approach that still provides a good quality of life. But for that to happen, we need to address what’s stopping people from moving in the first place.”

The survey revealed exactly what Americans are looking for in an ideal home and workspace amid the new era of hybrid work models and a rising cost of living.

The ideal “dream home” averages 2,402 square feet, with 69% of respondents preferring a single-family residence over a multi-family building, condo or townhouse.

Americans also want simple, practical features and amenities such as air conditioning and central heating (68%), easy-access laundry facilities (55%), a yard or green space (55%), and local amenities nearby (54 %).

This beat out the more “traditional” ideas of luxury living – having a pool (37%), professional-grade appliances and cooking equipment (32%), landscaped landscaping (32%), gym (29%), home theater ( 28%) ), greenhouse suits (24%) and au-pair (15%).

A large majority of remote workers (88%) and office workers (71%) agree that their workspaces should make them feel comfortable.

Whether at home or in the office, a “dream workspace” has plenty of natural sunlight (61%), space (55%) and parking (25%).

And if a trip is required, people want features they wouldn’t otherwise have at home: natural light (40%), nearby restaurants and cafes (33%), quiet rooms (33%), dedicated workspaces or certain (32%) and rest rooms (31%). In other words, an office should provide what a home office cannot.

With so many dream bucket items to check off, it’s no wonder Americans are longing for greener pastures. The study found that currently, more than one in five (22%) would give the place they live an ‘A’ and 18% would give their workplace a ‘B’.

Both the home and workplace earned a “B” for amenities and features, however (21% and 19%, respectively).

“Nearly 50% of people aspire to home ownership – however, affordability and available housing remain major barriers,” explained Dieterich. “Once these issues are addressed, individuals can begin to truly envision their ideal homes and workplaces.”

Survey methodology:

Talker Research surveyed 2,000 Americans in the general population; the survey was commissioned by constructed and administered and conducted online by Speaker research between July 4 and July 8, 2024.