Americans Still View Homeownership as the American Dream

<article class="post-733164 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-733164"><span class="entry-date">July 4, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Americans Still View Homeownership as 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=Americans+Still+View+Homeownership+as+the+American+Dream&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Famericans-still-view-homeownership-as-the-american-dream%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Americans Still View Homeownership as the American Dream Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230704-americans-still-view-homeownership-as-the-american-dream.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>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.</p>
<p>A recent survey from <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank"><em>Bankrate</em></a> 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 <em>(see graph below)</em>:</p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230630/20230704-homeownership-remains-the-number-1-feature-of-the-american-dream.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230630/20230704-homeownership-remains-the-number-1-feature-of-the-american-dream.png"/></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>A <a href="https://www.mynd.co/real-estate-market-consumer-insight-report" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">recent report</a> from <em>MYND</em> helps shed light on why so many people value homeownership. It finds:</p>
<blockquote><p><em>“. . . nearly two-thirds of Americans (65%) see </em><strong><em>homeownership as a means of building intergenerational wealth.</em></strong><em>”</em></p></blockquote>
<p>That’s because, when you own a home, your <a href="https://www.simplifyingthemarket.com/2023/06/14/a-drop-in-equity-doesnt-mean-low-equity/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">equity</a> (and <a href="https://www.simplifyingthemarket.com/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">net worth</a>) grows over time as you pay down your home loan and as <a href="https://www.simplifyingthemarket.com/2023/05/16/the-worst-home-price-declines-are-behind-us/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">home prices</a> appreciate. This can be a key factor in building intergenerational wealth and long-term financial stability.</p>
<p>To further drive home the difference homeownership can make in your life, a report from <em>Fannie Mae</em> <a href="https://www.fanniemae.com/media/47726/display" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">says</a>:</p>
<blockquote><p><em>“Most consumers (87%) believe </em><strong><em>owning a home is important to ‘live the good life.’</em></strong><em> . . . Notably, significantly more see </em><strong><em>‘having less stress’ as a benefit achieved by owning </em></strong><em>than renting.”</em></p></blockquote>
<p>Especially today, this could be because, when you own a home with a fixed-rate mortgage, you <a href="https://www.simplifyingthemarket.com/2023/06/23/homeownership-helps-protect-you-from-inflation-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">stabilize</a> what’s likely your largest monthly expense (your housing cost), and that helps combat the impact of rising costs from <a href="https://www.simplifyingthemarket.com/2023/05/24/owning-a-home-helps-protect-against-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">inflation</a>.</p>
<h4><strong>What Does This Mean for You?</strong></h4>
<p>While it may feel challenging to buy a home today with higher <a href="https://www.simplifyingthemarket.com/2023/06/07/the-main-reason-mortgage-rates-are-so-high/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/2023/06/12/are-home-prices-going-up-or-down-that-depends/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">home prices</a>, 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.</p>
<h3>Bottom Line</h3>
<p>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, take the first step by reaching out to a local real estate expert and start the process today.</p>
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