Does the American Dream still include Homeownership?
American Dream of Homeownership
With independence and freedom still on our minds, we can’t help but reflect on the American Dream. What the American Dream looks like is in the eye of the beholder. But if there's one thing for sure, the American Dream of homeownership is alive and well.
For many, homeownership remains an essential part of the American Dream. Homeownership is certainly one of the biggest investments anyone can make. Your home houses your family’s lifestyle and shelters your net worth. And, 93% believe homeownership is important to achieving the American Dream.
3 Things You Need to Know
If you are planning to sell a home in 2018 and beyond...
There are 3 things you need to know about the American Dream of homeownership.
Even though financial analysts might contend the value of homeownership, the value of a home is undeniable from resale value to personal enjoyment. Homeownership is not going out of style. In fact, first-time homebuyers will dictate the next generation of home sales.
A recent survey by NeighborhoodWorks America reported that:
1. Owning a Home Remains a Core Element of the American Dream
When asked, “How important a part of the American Dream is owning a home?”
18% said it was the most important part
53% said it was very important
22% said it was somewhat important
The survey also revealed that:
2. 81% of Americans Believe that Homeownership is More Financially Stable
While homes haven’t become more affordable over the past 20 to 30 years for first-time home buyers, a majority of Americans still see homeownership as a sign of success. Across generations, Americans have the same desire as they’ve always had, to not just buy a house but own a home that:
According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 50% of millennials believe that rent will increase. That’s why 20% see this as a catalyst for buying a home versus renewing a lease, and…
3. 80% of Renters Believe in the American Dream of Homeownership
More widespread rent growth often correlates to higher home buying demand. As a result, rents who can afford it opt for the relative stability of monthly mortgage payments instead of the unpredictability of rising rents.
What’s holding renters back from buying?
56% feel they cannot afford to buy a home
25% feel they need the flexibility of renting vs. owning
10% feel they don’t want the responsibility of homeownership
What will push renters to consider buying?
32% wait for a change in lifestyle (marriage, baby, career)
30% want to improve their financial situation
12% desire to settle down in one area
With networks like HGTV and DIY capturing our attention, remodeling and renovating property is now a critical element to the American Dream of homeownership. You can’t just live in the right house in the right location. The house has to have the right features, updates, and living space. But with the American Dream, homeowners understand that these updates come in time and that their home is always a work in progress.
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If you need help preparing to buy or sell in 2018 – Contact Us Now!
The Swan Team | OC Real Estate
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