Is Homeownership Still the American Dream?
Abstract
Defining the American dream is personal, and no one individual will have the same definition as another. That's why, for many people, homeownership remains a key part of the American dream. A recent survey from Bankrate 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: As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree. The National Association of Realtors explains: "Homeownership builds financial security. 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." There are other ways your home acts as more than just a roof over your head, too. Like NAR says: "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." What Does That Mean for You? If your definition of the American Dream involves greater freedom and prosperity, then homeownership could play a major role in helping you achieve that dream. First American puts it best, saying: "Homeownership remains central to the pursuit of the American Dream. It is a critical driver of economic mobility, delivering financial and social advantages...." Bottom Line Buying a home is a powerful decision and a key part of the American Dream. If homeownership is part of your personal dreams this year, connect with a local real estate advisor and start the process today.