Is Home Ownership Still the American Dream for Younger Buyers?

Everyone has a different interpretation of what the American Dream is. But, in a recent survey by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below):

 

According to the graph, owning a home is more important to people than retiring, having a successful career, or even graduating from college. But, for younger generations, is the dream of homeownership still alive?

A recent survey by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):

While there are numerous reasons why someone might prefer homeownership over renting, a similar 1000watt survey found that 63% of Gen Z and millennials believe their place does not feel like "home" unless they own it - perhaps you feel the same way.

That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all of the financial benefits that homeownership provides, it is usually about the lifestyle or emotional benefits (see graph below): 

 

What Does This Mean for You?

If you are a member of Generation Z or a millennial looking to buy a home, you will need a great real estate agent on your side. Their knowledge of the local housing market will assist you in overcoming today's high mortgage rates, low inventory, and rising home prices in order to find your first home and make your dream a reality.

Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.

Bottom Line

Buying a home is a significant, life-changing decision that is central to the American Dream. If you want to accomplish your goal, let’s connect to start the process today.

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