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Report: Homeownership Is a Precondition of the American Dream

Thursday, September 14, 2017   /   by Hunt Brothers Realty

Report: Homeownership Is a Precondition of the American Dream

Hearth just released their 2017 State of the American Dream report which showed that Americans still see homeownership as an integral piece of the American Dream. The report confirmed that “all generations–including millennials–agree homeownership is very important to achieving the American Dream.


Americans ranked “owning a home I love” higher than any other options (including “starting a family” and “finding a fulfilling career”) as an important part of the American Dream.


Despite some claims that homeownership’s importance to the American Dream is in decline, the report found that the dream of homeownership remains strong.


Of Americans who said they think achieving the American Dream is important, 70% think homeownership is important to the dream, and 41% think homeownership is very important to the dream.


What about Millennials?


Hearth addresses the desires of millennials by explaining:



“Contrary to popular opinion, millennials who want to achieve the American Dream are 5% more likely than Baby Boomers to think homeownership is important. And two-thirds of millennial renters view homeownership as important to the American Dream.


Although millennials are often portrayed as fickle and transient, they actually seek the stability of homeownership even more than their parents.”


Other Key Findings from the Report:



    • Homeowners are 126% more likely than non-homeowners to view homeownership as a way to build wealth. Nevertheless, homeowners still overwhelmingly associated homeownership with a family living space.

    • Homeowners are 24% more likely than non-homeowners to see homeownership as an achievement that reflects hard work.

    • Millennials are 77% more likely than baby boomers to see a home primarily as a way to build wealth.

    • Baby boomers are 98% more likely than millennials to see a home as a way to pass wealth down to children or family.

    • Millennials are 29% more likely than baby boomers to see a home as an achievement that reflects hard work–an outcome we expected given that many millennials are still working hard to afford their first homes.


Bottom Line


The report concluded:



“This survey revealed a powerful finding: Across demographic groups, homeownership remains a precondition of the American Dream.”


  for buyers, move-up buyers, first time home buyers, millennials

Hunt Brothers Realty, Inc.
Licensed Real Estate Brokerage
46 N Washington Blvd Suite #3
Sarasota, FL 34236
941-388-7017
Hunt Brothers

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The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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