The Vast Majority of Americans Still View Homeownership as the American Dream
Buying a home is the ultimate dream to all Americans. It’s a key life achievement for someone to own a home according to the 2022 Consumer Insights Report who polled a majority of people. The question is why do many Americans view having a home as a key achievement to their lives?
Financial Benefits of Owning a Home
Owning a home is viewed highly because it is a significant wealth-building tool, and provides financial stability. It provides financial stability because you are paying towards an end in mortgage over the duration of a period of time rather than renting, where your money would go nowhere. When you rent, you also do not have ownership over the property, whereas living in a house you do. An article from Forbes explains:
“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.”
When you own a home, you are also able to pass down that wealth, helping future generations for success. You increase your net worth as well. The Mynd report 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.”
Non-Financial Benefits of Homeownership
Once you become a homeowner, it benefits you emotionally and socially. Chief Economist, Mark Fleming for First American, explained:
“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”
Your home provides a statement of achievement, responsibility, and more.
Some of the key benefits homeowners enjoy that are a few non-financial advantages include:
Helps with community engagement
Provides you with freedom and control over your living space
Gives you more pride to enjoy
What Does That Mean For You?
If your dream is to have more freedom and prosperity, then homeownership can play a major role in helping you achieve that dream. Once the time is right for you, we highly encourgage you to buy a home even with home prices and mortgage rates rising. There are many outstanding benefits waiting for you at the end of your homebuying journey! You will have a place you can call your own and grow your wealth!
Conclusion
Homeownership is a huge dream for many Americans and a long-term dream for many! It is a powerful decision to make but you are in more control than if you rented a property. If you think homeownership is right for you, contact me today and I’ll be more than happy to help you out! (310) 519 - 7670