The Majority of Americans Still View Homeownership as the American Dream
A big decision, buying a home is still a big element of the American Dream. In fact, according to Mynd's 2022 Consumer Insights Report, the majority of those surveyed continue to consider homeownership as a significant life success. Let's look at a few of the explanations for why so many Americans still place a high value on property.
The Financial Benefits of Owning a Home
The fact that owning a home is a significant tool for accumulating wealth and offers greater financial stability than renting by securing your monthly housing payments for the duration of your mortgage could be one explanation for why homeownership is regarded so highly. According to a Forbes article:
“Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing.”
Owning a property over time not only increases your own net worth but also paves the way for success for future generations as you pass that money down. Possibly as a result, the Mynd report also states:
“Most Americans (78%) still associate homeownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
The Non-Financial Benefits of Homeownership
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 First American, says:
“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”
Your home provides feelings of achievement, responsibility, and more. 3by30 highlights the top 10 benefits homeowners enjoy. A few non-financial advantages include:
Providing you with more freedom and control over your living space
Giving you a greater sense of pride
Helps with community engagement
What Does That Mean for You?
Homeownership may play a significant part in assisting you in realizing your dream if your understanding of the American Dream includes more independence and prosperity. While it could seem difficult to purchase a home in the current market due to rising mortgage rates and housing prices, if the moment is perfect for you, remember that there are amazing perks at the end of your trip. You'll have a home where you may increase your wealth, feel at ease, and call your own.
Like the National Association of Realtors (NAR) says:
“. . . research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.”
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, connect with a local real estate advisor to start the process today.
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