Is Homeowning Still Considered Part of the American Dream? | Staten Island Real Estate Update


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Is Homeowning Still Considered Part of the American Dream?  |  Simplifying The Market

Since the birth of our nation, home ownership has always been considered a major piece of the American Dream. Like Frederick Peters reports en Forbes:

“The idea of ​​a place of its own drives the American story. We became a nation out of a desire to slip away the ties of Europe, which was still in many ways a collection of feudal societies. Old wealthy families, or the church, owned all the land and, with few exceptions, everyone else was a tenant. The magic of the United States lay not only in its sense of opportunity, but also in the belief that life in every way could be shaped by the individual. People traveled here not only for religious freedom, but because in the United States everything seemed possible. “

Additionally, a research article released just before the shelter-in-place orders issued last year end:

“Home ownership is unquestionably the cornerstone of the American Dream, and it is inseparable from our national ethos that through hard work every American has opportunities for prosperity and success. that many American families can achieve upward socioeconomic mobility and greater opportunities for their children. “

Did last year change the U.S. view of home ownership?

Definitely not. A survey of potential homebuyers released from realtor.com last week reveals that becoming a homeowner is still the main reason this year’s first-time buyers want to buy a home. When asked why they want to buy, three of the four best answers focus on the financial benefits of owning a home. The four main reasons to buy are:

  • 59% – “I want to be a homeowner”
  • 33% – “I want to live in a space I can invest in to improve”
  • 31% – “I need more space”
  • 22% – “I want to build equality”

Millennials believe most strongly in home ownership.

The survey also reports that 62% of millennials say a desire to be a homeowner is the main reason they buy a home. This contradicts the thinking of some experts who believed that millennia would be the first. “renting generation“In the history of our nation.

While reporting on the survey, George Ratiu, Supreme Economist at realtor.com, said:

“Americans, even millennials who many thought would never buy, have a strong preference for home ownership for the same reasons many generations ago – to invest in their own place and in their communities, and build a solid financial foundation for themselves. And their families.”

Odeta Kushi, Deputy Chief Economist by First American, also addresses millennial home ownership:

“Millennials delayed marriage and had children in favor of investing in education, pushing marriage and family formation into their early thirties, compared to previous generations who primarily made these lifestyle choices in the twenties … Late lifestyle choices delay the desire. for homeownership. “

Kushi further explains:

“As more millennia marry and form families, millennials remain ready to transform the housing market. In fact, the housing market is already experiencing the earliest outbreaks of tailwind.”

Bottom Line

As it always has been and most likely always will be, home ownership continues to be a major component in the pursuit of the American Dream of every generation.

Content previously posted in Keep Current Things


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