The Majority of Americans Still View Homeownership as the American Dream
A big decision, buying a home is still a big element of the American Dream. In fact, according to Mynd's 2022 Consumer Insights Report, the majority of those surveyed continue to consider homeownership as a significant life success. Let's look at a few of the explanations for why so many Americans still place a high value on property.
The Financial Advantages of Home Ownership
The fact that owning a home is a significant tool for accumulating wealth and offers greater financial stability than renting by securing your monthly housing payments for the duration of your mortgage could be one explanation for why homeownership is regarded so highly. According to a Forbes article:
“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.”
Owning a property over time not only increases your own net worth but also paves the way for success for future generations as you pass that money down. Possibly as a result, the Mynd report also 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.”
The Benefits of Homeownership That Are Not Financial
Even while the financial advantages of home ownership are significant, there are additional social and emotional effects. According to First American Chief Economist Mark Fleming:
“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”
Your house gives you a sense of accomplishment, accountability, and more. The top 10 benefits enjoyed by homeowners are highlighted by 3by30. Several non-financial benefits are as follows:
- Giving you more autonomy and control over your living environment
- enhancing your sense of pride
- aids in community involvement
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. While it could seem difficult to purchase a home in the current market due to rising mortgage rates and housing prices, if the moment is perfect for you, remember that there are amazing perks at the end of your trip. You'll have a home where you may increase your wealth, feel at ease, and call your own.
According to the National Association of Realtors (NAR)
“. . . research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.”
To sum up
For many Americans, purchasing a home is a significant decision and an essential component of their long-term goals. And if one of your goals for this year is to become a homeowner.