With the housing market fluctuating and taxes being a never-ending issue, potential buyers looking to live the American Dream of homeownership are asking. motivated to increase someone else’s. Most.
According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.
Homeownership is not just a symbol of the American Dream, but rather a real and impactful part of the economy. And many are afraid that this dream is fading as the homeownership rate hits half-century lows. In a blog post last year, we illustrated how the positive effects of the housing market far exceed the mere buying and selling of homes. The data supporting this point has only strengthened since.
· While it has no official definition, the American Dream has always been the notion that citizens of the United States can better their lot in life through hard work. A decade after the housing market crashed, the homeownership part of the American Dream has become more elusive, according to a new study from Pew Research Center.
Homeownership starts ‘as a dream’. The latest Zillow Housing Confidence Index showed that 46% of Millennial renters expressed confidence in purchasing a home, compared to 50% six months ago. This comes at a time rising rents and stagnant incomes are making it tough for many Americans to buy homes.
· America is changing the way it lives. Owning one’s home has always been considered a significant part of the modern American dream – it meant pride.
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For many Americans, owning a home is an essential part of the American dream that conveys a number of economic benefits, such as the ability to accumulate wealth and access credit by building home equity, reduce housing costs through the mortgage interest deduction, and gain long-term savings over the cost of renting.
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Whether you are a Staten Island homeowner or renter, your attitude toward homeownership may likely be the same. Homeowners and non-homeowners both strongly consider homeownership part of the American Dream, according to new consumer survey data from the National Association of Realtors (NAR).
Renting the American Dream: Why homeownership shouldn’t be a prerequisite for middle-class financial security jenny schuetz wednesday, February 13, 2019