PARAMOUNT MORTGAGE - LENDER'S BLOG

Throughout the U.S., 70% of Americans still view home ownership as a part of the American Dream.

A new survey conducted by Harris Interactive on behalf of Trulia.com also found that Americans' specific preferences for home ownership are shifting.

The ideal home is shrinking. Out of five categories of home sizes, more respondents preferred homes in the 1,401 to 2,000 sq. ft. range, a category which increased 17% in popularity from a year earlier.

In the largest size category of homes, 3,200 sq. ft. and up, there was a decline of 36.5%.

The next largest home category, 2,601 to 3,200 sq. ft. experienced a decline of just over 10% while the remaining two smallest categories (2,001 - 2,600 sq. ft. and 800 - 1,400 sq. ft.) had little movement year-over-year (Y-O-Y).

Cities are also becoming more attractive to Americans. Short commutes are a very high priority among 57% of Millennials (ages 18-34) who prefer life in or near urban centers with accessible mass transit.

Baby Boomers (ages 45-66) also share in this urban trend. Their next ideal home would be nearer to restaurants and shops. Suburban life may be fading.

The survey also revealed that 80% of current home owners intend to buy another home in the future which includes 69% of homeowners aged 55 years old or older.

Believe it or not, 57% of current homeowners said owning a home is among the best long-term investments they could make - better than investing in a retirement account (52%), better than buying gold (26%) and better than buying government bonds (15%).

More than half of renters (59%) polled in the survey plan to own a home.

Renters ranked their major hurdles to home ownership:

51%   Saving enough for a down payment
36%   Qualifying for a mortgage
34%   Having a poor credit history
31%   Unable to pay off existing debt
29%   Not having a stable job
13%   Declining home values
12%   Other reasons

The August 2011 survey was conducted online within the United States by Harris Interactive on behalf of Trulia between August 30 - September 1, 2011.