re·al·i·ty/rēˈalətē/

Noun:	1 - The world or the state of things as they actually exist, as opposed to an idealistic or notional idea of them: "he refuses to face reality". 2 - A thing that is actually experienced or seen, esp. when this is grim or problematic: "the harsh realities of life".
Synonyms:	actuality - fact - truth - verity

Reality in everyday usage means "the state of things as they actually exist." 
The term reality, in its widest sense, includes everything that is, whether it is observable, comprehensible, or apparently self-contradictory by science, philosophy, or any other system of analysis.
 
Reality in this sense may include both being and nothingness, whereas existence is often restricted to being

Types of Reality

Phenomenological reality is based on subjective experience. Whatever you observe is instantly real to you. This theory of reality means that unreality is non-existent. Therefore dreams, hallucinations, spiritual experiences, and astral travel are all forms of one subjective reality.

Consensus reality is based on the opinions and observations made by a group of people. A few individuals may decide on an interpretation of an event, which spreads across entire societies and becomes a consensual truth. Religion is a good example of a socially constructed reality.

Non-reality simply means that there is no such thing as objective reality. Every possible observation or interpretation is tainted by subjectivity and therefore does not constitute truth. Nothing is real! This is supported by quantum theory, which states that prior to observation, nothing can be said about a physical system.
This theory is further backed by the Double Slit Experiment, which suggests our mere observation changes the outcome.

So what is reality? A computer simulation? A multiverse? Or is our human brain perceiving just one possible interpretation of the ultimate reality? Our understanding of the universe is very much limited to our own capacity for understanding...

The truth is out there - and it is probably more bizare than we could ever imagine.