Homeownership Remains the American Dream for Many People
Everyone has their own idea of the American Dream. However, for many others, it is associated with a sense of success, independence, and affluence. All of these benefits can be provided by owning a home.
A recent survey from Bankrate asked respondents which achievements they feel most embody the American Dream. The responses prove owning a home is still important to so many Americans today (see graph below):
As the graph illustrates, homeownership is more important than retirement, having a good career, and receiving a college degree.
A recent report from MYND helps shed light on why so many people value homeownership. It finds:
“. . . nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
This is due to the fact that when you own a home, your equity (and net worth) builds over time as you pay down your mortgage and as property values rise. This can be an important aspect of establishing intergenerational wealth and long-term financial stability.
To further drive home the difference homeownership can make in your life, a report from Fannie Mae says:
“Most consumers (87%) believe owning a home is important to ‘live the good life.’ . . . Notably, significantly more see ‘having less stress’ as a benefit achieved by owning than renting.”
This may be true especially today because when you have a fixed-rate mortgage and own a home, you stabilize what is probably your largest monthly expense (your housing cost), which helps offset the effects of inflation-related price increases.
What Does This Mean for You?
Given the higher mortgage rates and housing prices of today, it could seem difficult for you to purchase a home, but if the moment is right for you, know that when you do, amazing rewards are waiting for you at the end of your trip.
Purchasing a home is a huge and powerful decision that represents the cornerstone of the American Dream. Let's get in touch if you want to make your homeownership dream a reality this year.