Is the American Dream of home ownership still alive?
The American ideal is subjectively defined, and no two people will view it in the same way. But the emotions it evokes—success, independence, and a sense of prosperity—are shared by all people. Because of this, owning a home continues to be a major component of the American dream for many people. Your house represents your contribution to the neighborhood, a wise financial decision, and a noteworthy accomplishment.
Owning a home is still essential to many Americans today, as seen by the results of a recent Bankrate survey asking participants to rank accomplishments as signs of financial success (see graph below):
According to the graph, owning a home scores higher than other major milestones like retiring, having a prosperous profession, and receiving a college degree.
That might be the case because owning a home is a big asset for accumulating wealth and offers great financial stability. According to the National Association of Realtors (NAR):
“Homeownership builds financial security. With 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.”
Your house serves as more than simply a place to sleep in other ways as well. A handful of the numerous advantages that homeowners receive are highlighted by The Mortgage Reports, including:
- Your equity (and wealth) increase as home values do.
- Your housing costs are set, which can assist offset inflation-related price increases.
- More privacy will be provided for you, and you can personalize your living area.
Homeowners also tend to be more involved in their neighborhood. As NAR states:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
How Does That Affect 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. Know there are amazing perks waiting for you at the conclusion of your adventure when you set out to buy. You'll be able to name a location your own, feel at ease, and increase your wealth.
The best way to put it is by First American:
“Homeownership remains central to the pursuit of the American Dream. It is a critical driver of economic mobility, delivering financial and social advantages. . . .”
To sum up
An important aspect of the American Dream is owning a home, which is a significant decision. And if becoming a homeowner is one of your personal goals for this year, let's connect and get the process started right away.