Americans Still View Homeownership as the American Dream
Everyone’s interpretation of the American Dream is unique and personal. But, for many people, it’s tied to a sense of success, freedom, and prosperity. These are all things that owning a home can help provide.
A recent survey from Bankrate asked respondents which achievements they feel most embody the American Dream. The responses prove owning a home is still important to so many Americans today (see graph below):
As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree.
A recent report from MYND helps shed light on why so many people value homeownership. It finds:
“. . . nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
That’s because, when you own a home, your equity (and net worth) grows over time as you pay down your home loan and as home prices appreciate. This can be a key factor in building intergenerational wealth and long-term financial stability.
To further drive home the difference homeownership can make in your life, a report from Fannie Mae says:
“Most consumers (87%) believe owning a home is important to ‘live the good life.’ . . . Notably, significantly more see ‘having less stress’ as a benefit achieved by owning than renting.”
Especially today, this could be because, when you own a home with a fixed-rate mortgage, you stabilize what’s likely your largest monthly expense (your housing cost), and that helps combat the impact of rising costs from inflation.
While it may feel challenging to buy a home today with higher mortgage rates and home prices, if the time is right for you, know that when you buy a home, incredible benefits are waiting for you at the end of your journey.
Buying a home is a significant and powerful choice, embodying the foundation of the American Dream. If you plan to make your homeownership dream a reality this year, let’s connect to start the process.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Home Run Team, Ltd. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Home Run Team, Ltd. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
If you're planning on buying a home, here are some tips to help you reduce your closing cost.
With mortgage rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.
Buying is starting to win out vs renting in many major U.S. Cities. Here's what you need to know.
If you're looking to list you house on the market and sell it quickly, here are 3 tips for you.
Is buying a home on your mind, but you're just not sure about the timing right now? Then here are 3 questions to ask yourself.
When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent.
When buying a home, it is important to understand the need for someone who is locally knowledgeable. Here's what to know.
Should you buy a home now or should you wait? That’s a question a lot of people have these days. Here’s something you’ll want to consider as you make your decision.
Almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. If you're hoping to buy a home, be in the 13%. Here's why.
We're here to help people live wealthier lives and enjoy more freedom by educating and guiding them through their lifelong real estate journey. Whether you're buying a home, looking to sell or relocate, or are an investor, we can help you. No agents will work harder for you, because to us, going to bat for you, isn't work. That's just what you do when you're a team.