The Majority of Americans Still View Homeownership as the American Dream

<article class="post-525246 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-525246"><span class="entry-date">November 8, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Majority of 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=The+Majority+of+Americans+Still+View+Homeownership+as+the+American+Dream&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-majority-of-americans-still-view-homeownership-as-the-american-dream%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/the-majority-of-americans-still-view-homeownership-as-the-american-dream/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-majority-of-americans-still-view-homeownership-as-the-american-dream%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-majority-of-americans-still-view-homeownership-as-the-american-dream%2F&amp;description=The+Majority+of+Americans+Still+View+Homeownership+as+the+American+Dream" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/the-majority-of-americans-still-view-homeownership-as-the-american-dream/?shareSlug%3Dthe-majority-of-americans-still-view-homeownership-as-the-american-dream" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: The Majority of Americans Still View Homeownership as the American Dream&amp;body=The Majority of Americans Still View Homeownership as the American Dream%0D%0Dhttps://gilliggroup.com/blog/the-majority-of-americans-still-view-homeownership-as-the-american-dream/" target="_blank"><span class="force-hidden">Email</span></a>
</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>
<p><img alt="The Majority of Americans Still View Homeownership as 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/2022/11/07102027/the-majority-of-americans-still-view-homeownership-as-the-american-dream-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/07102027/the-majority-of-americans-still-view-homeownership-as-the-american-dream-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/07102027/the-majority-of-americans-still-view-homeownership-as-the-american-dream-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the <em>2022 Consumer Insights Report </em>from <a href="https://www.mynd.co/real-estate-market-consumer-insight-report"><em>Mynd</em></a> found the majority of people polled still view homeownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership.<span id="more-47411"></span></p>
<h4><strong>The Financial Benefits of Owning a Home</strong></h4>
<p>One possible reason homeownership is viewed so highly is because owning a home is a significant <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">wealth-building tool</a>, and it provides meaningful <a href="https://www.simplifyingthemarket.com/2022/10/19/should-you-still-buy-a-home-with-the-latest-news-about-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2">financial stability</a> over renting by locking in your monthly housing payments for the length of your home loan. An article from <a href="https://www.forbes.com/sites/forbesfinancecouncil/2022/08/03/three-ways-homeownership-can-build-wealth/?sh=196ed94423e5"><em>Forbes</em></a> explains:</p>
<blockquote>
<p><em>“Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping <strong>1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing.”</strong></em></p>
</blockquote>
<p>Over time, owning a home not only helps boost your own <a href="https://www.simplifyingthemarket.com/2022/09/06/how-owning-a-home-builds-your-net-worth/?a=712984-fa409495d5d70154d03a25e81e9540e2">net worth</a>, but it also sets future generations up for success as you pass that wealth down. That may be why the <em>Mynd</em> <a href="https://www.mynd.co/real-estate-market-consumer-insight-report">report</a> also says:</p>
<blockquote>
<p><em>“<strong>Most Americans (78%) still associate homeownership with the ‘American dream.’</strong> And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”</em></p>
</blockquote>
<h4><strong>The Non-Financial Benefits of Homeownership</strong></h4>
<p>While the financial benefits of owning a home are important, becoming a homeowner impacts you on a social and emotional level, too. As Mark Fleming, Chief Economist for <em>First American,</em> <a href="https://blog.firstam.com/economics/the-reconomy-podcast-what-is-the-fed-signaling-on-interest-rates">says</a>:</p>
<blockquote>
<p><em>“. . . buying a home is not just a financial decision. <strong>It’s also a lifestyle decision.”</strong></em></p>
</blockquote>
<p>Your home provides feelings of achievement, responsibility, and more. <a href="https://3by30.org/homeownership-101/benefits-of-homeownership/"><em>3by30</em></a> highlights the top 10 benefits homeowners enjoy. A few non-financial advantages include:</p>
<ul>
<li>Providing you with more freedom and control over your living space</li>
<li>Giving you a greater sense of pride</li>
<li>Helps with community engagement</li>
</ul>
<h4><strong>What Does That Mean for You?</strong></h4>
<p>If your definition of the American Dream involves greater freedom and prosperity, then homeownership could play a major role in helping you <a href="https://www.simplifyingthemarket.com/2022/10/14/tips-for-first-time-homebuyers-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">achieve that dream</a>. While it may feel challenging to buy a home today as <a href="https://www.simplifyingthemarket.com/2022/10/12/four-things-that-help-determine-your-mortgage-rate/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/2022/10/20/whats-ahead-for-home-prices/?a=712984-fa409495d5d70154d03a25e81e9540e2">home prices</a> rise, if the time is right for you, know that there are <a href="https://www.simplifyingthemarket.com/2022/10/17/the-emotional-and-non-financial-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">incredible benefits</a> waiting for you at the end of your journey. You’ll have a place you can <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">grow your wealth</a>, call your own, and feel most comfortable.</p>
<p>Like the <em>National Association of Realtors</em> (NAR) <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-report-02-23-2022_0.pdf">says</a>:</p>
<blockquote>
<p><em>“. . . <strong>research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners</strong>. Homeownership has always been an important way to build wealth.”</em></p>
</blockquote>
<h3><strong>Bottom Line</strong></h3>
<p>Buying a home is a powerful decision and a key part of the long-term dream for many Americans. And if homeownership is part of your dreams this year, let’s connect to start the process today.</p>
</div>
</div></article>