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Homeownership is Still a Huge Part of the “American Dream”

Homeownership is Still a Huge Part of the “American Dream”

There have been some who have voiced doubt as to whether or not the younger generations still consider buying a home as being part of the “American Dream”. A study by Merrill Lynch puts that doubt to rest.

According to their research, every living generation still believes that owning a home is in fact important. Here are the numbers:

Homeownership is an important part of the American Dream | Keeping Current Matters

This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One such study was done by the Joint Center of Housing Studies at Harvard University that addressed a major financial benefit to owning your own home: forced savings. The report explains:

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The Merrill Lynch study proves this point with the following data on home equity (a form of savings):

Average Home Equity | Keeping Current Matters

Bottom Line

There are many reasons that owning a home makes sense. The financial reasons are powerful. As one participant in the Merrill Lynch study put it:

“When I was younger, I always worried about that monthly mortgage payment. Now that I am retired, I have the peace of mind of knowing I own my home free and clear.”


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1 reply
  1. Liz Bobeck
    Liz Bobeck says:

    Home ownership is always a goal for most savvy renters in any age group. The problem that most people are facing in the fall of 2015 is a flat economy coupled with rising rents. GDP is chugging along at 2.2%, when normal GDP is closer to 3%, couple that with rents that have risen 30,40 or 50% in some areas, renters cannot save enough to qualify for a down payment on a house. The economy has to improve more to allow people to get ahead of the renter curve. – Liz

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