Is Homeownership Still The American Dream?
If you google the definition of “the American dream” you’ll find a variety of definitions that are all founded on the idea that anyone, regardless of where they were born or what class they were born into, can attain their own version of success, freedom, & a sense of prosperity.
For a lot of people, homeownership remains a vital part of that American Dream. Your home represents your stake in the community and is an achievement to be proud of. Not to mention, purchasing a home is a solid financial investment.
A recent survey from Bankrate asked respondents to rank achievements as indicators of financial success. The responses prove that owning a home is still important to many Americans today. As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, owning a car, and earning a college degree.
So why do so many people rank owning a home as an indicator of financial success? It could be because owning a home is a significant wealth-building tool and provides meaningful financial stability. The National Association of Realtors explains: “Homeownership builds financial security. With 65% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.”
But there are other ways your home acts as more than just a roof over your head. Themortgagereports.com, which is a site that covers mortgage news, & strategies, highlights a few of the benefits homeowners enjoy.
They cite the following added benefits to homeownership:
- Your equity (and wealth) grows through home price appreciation.
- Your housing costs are fixed – and that can help combat rising costs from inflation.
- You’ll have greater privacy and the opportunity to customize your living space.
- Plus, homeowners tend to be more active in their community.
So 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. When you set out to buy, know there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can call your own, feel most comfortable, and grow your wealth.
Bottom line, buying a home is a powerful decision and a key part of the American Dream. It’s true that interest rates are rising and home prices continue to rise, but that doesn’t mean homeownership is out of reach. If purchasing a home is part of your personal dreams, let’s connect to discuss your best approach to today’s rapidly changing market.