Is Homeownership Still the American Dream?

Defining the American dream is personal, and no one individual will have the same definition as another. But the feelings it brings about – success, freedom, and a sense of prosperity – are universal. **That’s why, for many people,** [**homeownership**](https://www.simplifyingthemarket.com/2022/06/02/how-homeownership-impacts-you/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) **remains a key part of the** [**American dream**](https://www.simplifyingthemarket.com/2022/04/27/the-dream-of-homeownership-is-worth-the-effort/?a=550432-7d0dd2250a392515b4ab3273bfa644ce)**.** Your home is your stake in the community, a strong financial investment, and an achievement to be proud of. A recent [survey](https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/) from _Bankrate_ asked respondents to rank achievements as indicators of financial success, and the responses prove that owning a home is still important to so many Americans today _(see graph below)_: [](https://i0.wp.com/cherylbowerrealestate.com/wp-content/uploads/2022/07/20220705-MEM-Eng-1.png?ssl=1) As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree. That could be because owning a home is a significant wealth-building tool and provides meaningful financial stability. The _National Association of Realtors_ (NAR) [explains](https://www.nar.realtor/june-is-national-homeownership-month): > _“**Homeownership builds financial security.** With 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.”_ There are other ways your home acts as more than just a roof over your head, too. The _Mortgage Reports_ highlights a few of the many [benefits](https://themortgagereports.com/91167/is-buying-a-house-a-waste-of-money-in-2022#benefits) homeowners enjoy, including: - Your [equity](https://www.simplifyingthemarket.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) (and wealth) grows through [home price appreciation](https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=550432-7d0dd2250a392515b4ab3273bfa644ce). - Your housing costs are fixed – and that can help combat rising costs from [inflation](https://www.simplifyingthemarket.com/2022/06/23/homeownership-is-a-great-hedge-against-the-impact-of-rising-inflation/?a=550432-7d0dd2250a392515b4ab3273bfa644ce). - You’ll have greater privacy and the opportunity to [customize](https://www.simplifyingthemarket.com/2022/05/18/how-homeownership-can-bring-you-joy/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) your living space. Plus, homeowners tend to be more active in their community. Like NAR [says](https://www.nar.realtor/promoting-home-ownership): > _“Living in one place for a longer amount of time creates and \[sic\] obvious sense of community pride, which may lead to more investment in said community.”_ #### **What Does That Mean for You?** If your definition of the American Dream involves greater freedom and prosperity, then [homeownership](https://www.simplifyingthemarket.com/2022/06/10/the-top-reasons-to-own-your-home-infographic/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) could play a major role in helping you achieve that dream. When you set out to buy, know there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can call your own, feel most comfortable, and [grow your wealth](https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=550432-7d0dd2250a392515b4ab3273bfa644ce). _First American_ puts it best, [saying](https://www.firstam.com/economics/homeownership/): > _“**Homeownership remains central to the pursuit of the American Dream.** It is a critical driver of economic mobility, delivering financial and social advantages. . . .”_ ### **Bottom Line** Buying a home is a powerful decision and a key part of the American Dream. And if homeownership is part of your personal dreams this year, let’s connect and start the process today.