Buying a home is still a big part of the American Dream. In fact, according to Mynd's 2022 Consumer Insights Report, the majority of individuals surveyed continue to consider homeownership a significant life success. Let's look at a few of the explanations for why so many Americans still place a high value on home ownership.
The Financial Advantages of Home Ownership
Owning a home is a great way to accumulate wealth. Owning a home not only offers greater financial stability than renting by securing your monthly housing payments for the duration of your mortgage but you also create equity. According to a Forbes article: “Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting... ”
Owning a property over time not only increases your own net worth but also paves the way for success for future generations as you pass that money down. As a result, the Mynd report also states: “Most Americans (78%) still associate homeownership with the American Dream. And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
The Benefits of Homeownership That Are Not Financial
Besides the financial advantages of homeownership, there are additional social and emotional effects in owning a home. According to First American Chief Economist Mark Fleming: “... buying a home is not just a financial decision. It’s also a lifestyle decision.”
Your house gives you a sense of accomplishment, accountability, and more. Among non-financial benefits we can mention that it gives you more autonomy and control over your living environment, makes you feel more proud of yourself, and promotes community involvement.
How Does that Affect You?
Homeownership may play a significant part in fulfilling your dreams if your understanding of the American Dream includes more independence and prosperity. While it could seem difficult to purchase a home in the current market, remember that there are amazing perks at the end of your trip. You'll have a home where you may increase your wealth, feel at ease, and call your own.
According to the National Association of Realtors (NAR): “... research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.”
For many Americans, purchasing a home is a significant decision and an essential component of their long-term goals. Get in touch with local expert Laura Larson right away to begin the process, if becoming a homeowner is one of your goals.