Everyone has their own idea of the American Dream, and it’s different for each person. 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):
In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?
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 plenty of reasons why someone might prefer homeownership to renting, the same 1000watt survey shows, that for 63% of Gen Z and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe 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 the financial benefits homeownership provides, in most cases it’s about the lifestyle or emotional benefits (see graph below):
What Does This Mean for You?
If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to buy a home, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high mortgage rates, low inventory, and rising home prices to find your first home and turn your dream into a reality.
Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.
Bottom Line
The American dream of homeownership remains a challenge for younger buyers in today’s housing market. With rising home prices, limited inventory, and fierce competition, many young adults face significant barriers to purchasing a home. The median age of repeat buyers is the oldest since data collection began in 1981, and a large percentage of first-time buyers are unable to afford a home without assistance. While some young adults are still able to achieve homeownership through diligent saving, assistance from family, or by settling in lower-cost-of-living areas, the path to homeownership has become increasingly difficult. Despite these challenges, homeownership remains a valuable wealth-building tool, and early investment in a home can lead to significant long-term financial benefits. However, it is clear that the current housing market presents a formidable obstacle for many younger buyers in their pursuit of the American dream of owning a home.
Buying a home is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, let’s connect to start the process today.
