Is Owning a Home Still the American Dream for Younger Buyers?

<article class="post-863901 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-863901"><span class="entry-date">November 30, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Is Owning a Home Still the American Dream for Younger Buyers?</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+Owning+a+Home+Still+the+American+Dream+for+Younger+Buyers%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fis-owning-a-home-still-the-american-dream-for-younger-buyers%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="Is Owning a Home Still the American Dream for Younger Buyers? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231130-Is-Owning-a-Home-Still-the-American-Dream-for-Younger-buyers.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Everyone has their own idea of the American Dream, and it’s different for each person. But, in a recent <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#faq" rel="noopener noreferrer" target="_blank">survey</a> by <em>Bankrate</em>, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png"/></a></p>
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<p>In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?</p>
<p>A recent <a href="http://www.1000wattinside.com/" rel="noopener noreferrer" target="_blank">survey</a> by <em>1000watt </em>dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png"/></a></p>
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<p>While there are plenty of reasons why someone might prefer <a href="https://www.simplifyingthemarket.com/2023/11/23/why-homeowners-are-thankful-they-own/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homeownership</a> to renting, the same <em>1000watt</em> survey shows, that for 63% of <a href="https://www.simplifyingthemarket.com/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">Gen Z</a> and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.</p>
<p>That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the <a href="https://www.simplifyingthemarket.com/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">financial benefits</a> homeownership provides, in most cases it’s about the lifestyle or <a href="https://www.simplifyingthemarket.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">emotional benefits</a> (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png"/></a></p>
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<h4><strong>What Does This Mean for You?</strong></h4>
<p>If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to <a href="https://www.simplifyingthemarket.com/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high <a href="https://www.simplifyingthemarket.com/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">mortgage rates</a>, <a href="https://www.simplifyingthemarket.com/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">low inventory</a>, and rising <a href="https://www.simplifyingthemarket.com/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> to find your first home and turn your dream into a reality.</p>
<p><strong>Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.</strong></p>
<h3>Bottom Line</h3>
<p><a href="https://www.simplifyingthemarket.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">Buying a home</a><span style="color: black;"> is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, begin by talking to a local </span><a href="https://www.simplifyingthemarket.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate expert</a><span style="color: black;"> to start the process today.</span></p>
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