Americans Still See Homeownership as the American Dream

Everyone's interpretation of the American Dream is unique and personal. But, for many people, it's tied to a sense of success, freedom, and prosperity. These are all things that owning a home can help provide. And, while everyone’s version is different, the majority of Americans still see homeownership as the American Dream.

In fact, a recent survey from Bankrate asked respondents which achievements they feel most embody the American Dream. Their responses prove that owning a home is still very important to the vast majority of Americans today (see graph below):

As the above graph shows, homeownership ranks above other significant milestones. This includes retirement, having a successful career, and earning a college degree.

A recent report from MYND helps shed light on why so many people value homeownership. It finds that:

". . . nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth."

That's because, when you own a home, your home’s equity (and your net worth) grows over time as you pay down your home loan and as home prices appreciate. This can be a major driver in building intergenerational wealth and long-term financial stability for you and your family.

To further illustrate 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."

Especially today, this could be because, when you own a home with a fixed-rate mortgage, you stabilize what's likely your largest monthly expense (your housing cost), And, that helps combat the impact of rising costs from inflation.

What Does This Mean for You?

While it may feel challenging to buy a home today with higher mortgage rates and home prices, if the time is right for you, know that when you buy a home, incredible benefits are waiting for you at the end of your journey.

Buying a home is a significant and powerful choice, embodying the foundation of the American Dream. At The Byron Mortgage Team we specialize in making your homeownership dreams come true. As your local mortgage broker, we have access to a wide range of mortgage products and are sure to find the right financial vehicle to allow your American Dream to come true.

So, if you still see homeownership as the American Dream and plan to make your homeownership dream a reality this year, let's connect to start the process by getting you pre-qualified for a mortgage. Then you’ll be well-positioned to make a serious offer when you find your dream home.