Is Homeownership Still the American Dream?

<article class="post-362168 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-362168"><span class="entry-date">July 5, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Is Homeownership Still the American Dream?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Is+Homeownership+Still+the+American+Dream%3F&url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fis-homeownership-still-the-american-dream%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Is Homeownership Still the American Dream? | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111033/20220705-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111033/20220705-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111033/20220705-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Defining the American dream is personal, and no one individual will have the same definition as another. But the feelings it brings about – success, freedom, and a sense of prosperity – are universal. <strong>That’s why, for many people, </strong><a href="https://www.simplifyingthemarket.com/2022/06/02/how-homeownership-impacts-you/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>homeownership</strong></a><strong> remains a key part of the </strong><a href="https://www.simplifyingthemarket.com/2022/04/27/the-dream-of-homeownership-is-worth-the-effort/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>American dream</strong></a><strong>.</strong> Your home is your stake in the community, a strong financial investment, and an achievement to be proud of.<span id="more-46767"></span></p>
<p>A recent <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/">survey</a> from <em>Bankrate</em> asked respondents to rank achievements as indicators of financial success, and the responses prove that owning a home is still important to so many Americans today <em>(see graph below)</em>:</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111035/20220705-MEM-Eng-1.png"><img alt="Is Homeownership Still the American Dream? | Simplifying The Market" class="aligncenter wp-image-46769" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111035/20220705-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111035/20220705-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/01111035/20220705-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p>As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree.</p>
<p>That could be because owning a home is a significant wealth-building tool and provides meaningful financial stability. The <em>National Association of Realtors </em>(NAR) <a href="https://www.nar.realtor/june-is-national-homeownership-month">explains</a>:</p>
<blockquote>
<p><em>“<strong>Homeownership builds financial security. </strong>With 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.”</em></p>
</blockquote>
<p>There are other ways your home acts as more than just a roof over your head, too. The <em>Mortgage Reports </em>highlights a few of the many <a href="https://themortgagereports.com/91167/is-buying-a-house-a-waste-of-money-in-2022#benefits">benefits</a> homeowners enjoy, including:</p>
<ul>
<li>Your <a href="https://www.simplifyingthemarket.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">equity</a> (and wealth) grows through <a href="https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=712984-fa409495d5d70154d03a25e81e9540e2">home price appreciation</a>.</li>
<li>Your housing costs are fixed – and that can help combat rising costs from <a href="https://www.simplifyingthemarket.com/2022/06/23/homeownership-is-a-great-hedge-against-the-impact-of-rising-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2">inflation</a>.</li>
<li>You’ll have greater privacy and the opportunity to <a href="https://www.simplifyingthemarket.com/2022/05/18/how-homeownership-can-bring-you-joy/?a=712984-fa409495d5d70154d03a25e81e9540e2">customize</a> your living space.</li>
</ul>
<p>Plus, homeowners tend to be more active in their community. Like NAR <a href="https://www.nar.realtor/promoting-home-ownership">says</a>:</p>
<blockquote>
<p><em>“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”</em></p>
</blockquote>
<h4><strong>What Does That Mean for You?</strong></h4>
<p>If your definition of the American Dream involves greater freedom and prosperity, then <a href="https://www.simplifyingthemarket.com/2022/06/10/the-top-reasons-to-own-your-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> could play a major role in helping you achieve that dream. When you set out to buy, know there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can call your own, feel most comfortable, and <a href="https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">grow your wealth</a>.</p>
<p><em>First American</em> puts it best, <a href="https://www.firstam.com/economics/homeownership/">saying</a>:</p>
<blockquote>
<p><em>“<strong>Homeownership remains central to the pursuit of the American Dream.</strong> It is a critical driver of economic mobility, delivering financial and social advantages. . . .”</em></p>
</blockquote>
<h3><strong>Bottom Line</strong></h3>
<p>Buying a home is a powerful decision and a key part of the American Dream. And if homeownership is part of your personal dreams this year, let’s connect and start the process today.</p>
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