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Home Buying Trends for 2024: What to Expect

The American dream of homeownership remains strong, even amid a volatile real estate market. In 2024, several key trends will shape the homebuying landscape, offering insights into the hopes and plans of aspiring homeowners.


American dream of homeownership

A recent survey of 1,003 Americans reveals that 41% plan to buy a home in 2024. This aspiration varies across demographics, with 43% of heterosexual Americans aiming to purchase a home, compared to 34% of LGBTQ+ individuals. Interestingly, Gen Zers show more confidence (37%) than millennials (30%) in achieving their homeownership dreams next year.


When envisioning their dream homes, a significant portion of Americans favor single-story (61%) and two-story homes (42%), while about 20% would be content with a townhome. With forecasts suggesting a more stable real estate market in 2024, many see this as an opportune time to buy.


Geographically, Los Angeles emerges as the top dream home destination, thanks to its allure, diverse job market, and beautiful beaches. New York City and Charlotte, North Carolina, also attract prospective homebuyers due to their resilience and appealing living conditions. As for architectural preferences, midcentury modern (56%) and contemporary styles (37%) dominate, particularly among millennials, who show a strong preference for midcentury-modern designs.


Financial considerations play a critical role in the homebuying process. The average budget for prospective homeowners in 2024 is $313,141, with many willing to stretch their finances further. Gen Z plans to spend an average of $237,564, while other generations have slightly higher budgets. A notable trend is the willingness of nearly half of the respondents to exceed their budgets by about $50,000 to secure their dream home. Renovations are also on the agenda for many, with an average of $36,000 allocated for transforming their new homes.


In a surprising twist, the survey reveals that nearly one-third of Americans are open to living in an RV or camper instead of a traditional house. This preference spans generations, with motivations including cost savings, affordability, flexibility, adventure, and freedom. The modern amenities and renovation possibilities of RVs and campers make them an appealing alternative for some.


It’s clear that the pursuit of homeownership remains strong, with Americans showing creativity and adaptability in achieving their dreams. Whether through traditional homes or unconventional alternatives like RVs, the real estate market is poised for a dynamic year.

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