44% of adults would buy their childhood home today if they could afford it

Rhea-AI Summary

A recent Zillow survey found that 44% of adults would buy their childhood home if cost was not an issue. The survey also revealed that younger generations, particularly those born in the 1980s and 1990s, are more likely to desire their childhood homes. However, affordability remains a significant barrier, with many adults unable to afford their childhood homes at today's prices. Despite this, adults continue to dream of certain features in their ideal homes, with practical amenities like air conditioning, walk-in closets, and laundry rooms topping the list.

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.

FAQ

What percentage of adults would buy their childhood home today if cost were not an issue?

44% of adults would buy their childhood home today if cost were not an issue.

What are the top features that adults still dream of having in their homes?

The top features that adults still dream of having in their homes include a pool (77%), a home theater (73%), air conditioning (89%), a walk-in closet (89%), and a laundry room (85%).

Which generations are more likely to desire their childhood homes?

Younger generations, particularly those born in the 1980s and 1990s, are more likely to desire their childhood homes.

What are some practical amenities that adults now dream of having in their homes?

Practical amenities that adults now dream of having in their homes include air conditioning (89%), a walk-in closet (89%), and a laundry room (85%).

What are some unique features that adults still desire in their present-day dream homes?

Some unique features that adults still desire in their present-day dream homes include a bowling alley (43%), a frozen yogurt or soft serve machine (34%), and a soda vending machine (24%).