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The American Dream Of Home Ownership

There are heaps of opinions being voiced by real estate gurus as to why the American dream of home ownership is so important to numerous individuals. Study after study reveals the same five reasons why Americans decide to buy a new home.

  1. They want more living space.
  2. Wanting control of that living space.
  3. They are starting to realize that owning makes better financial sense than renting does.
  4. They want a good place to raise their children.
  5. Wanting a place where their family feels safe.

Do People Prefer Renting Over Owning A Home?

If you are questioning jumping into home ownership, look at the five reasons mentioned above. If any of them apply to you, your family, or your life, perhaps it’s time for you to take the plunge. With both prices and interest rates steadily rising, waiting will only increase your monthly costs as we move forward.

An enormous question facing the real estate market over the last few years is how the housing crisis would impact the public’s belief on home ownership as a major component of the American Dream. Several felt the tragedy experienced by so many families would force them to reconsider their desire to ever be a home owner again.

A study by the Joint Center For Housing Studies at Harvard University addressed this question. Their paper, Reexamining the Social Benefits of Home ownership after the Housing Crisis, revealed some interesting findings:

Home Ownership Is Still Much Preferred Over Renting

“Even after the dramatic loss of equity and the high foreclosure rates, the early evidence suggests that people seem to believe that, over the long run, owning is still preferable to renting… The long term cultural preference for owning seems to have weathered the recent housing crisis.”

Americans Still Expect to be Home Owners

“The research on home-buying expectations supports the conclusion that very large percentages of Americans still expect to buy a home at some time in the future.”

Younger Americans More Desirous Of Home Ownership

“Moreover, the finding that younger renters and owners are more likely than their older counterparts to expect to own bodes well for the future of the housing market.”

Even after one of the most difficult decades in this country’s real estate history, the belief that home ownership is a part of the american dream still lives on.

 

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