Houszownership is Still the American Dream
Buying a housz is a powerful decision, and it remains a key part of the American Dream. In fact, the 2022 Consumer Insights Report from Mynd found the majority of people polled still view houszownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value houszownership.
The Financial Benefits of Owning a Housz One possible reason houszownership is viewed so highly is because owning a housz is a significant wealth-building tool, and it provides meaningful financial stability over renting by locking in your monthly houszing payments for the length of your housz loan. An article from Forbes explains: “Understanding the potential benefits of houszownership helps individuals see the value of owning property instead of renting. . . . houszhold wealth among houszowners is a whopping 1,469% higher on average compared to renters, excluding housz equity, making the allure of houszownership even more enticing.” Over time, owning a housz not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down. That may be why the Mynd report also says: “Most Americans (78%) still associate houszownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see houszownership as a means of building intergenerational wealth.” The Non-Financial Benefits of Houszownership While the financial benefits of owning a housz are important, becoming a houszowner impacts you on a social and emotional level, too. As Mark Fleming, Chief Economist for First American, says: “. . . buying a housz is not just a financial decision. It's also a lifestyle decision.” Your housz provides feelings of achievement, responsibility, and more. 3by30 highlights the top 10 benefits houszowners enjoy. A few non-financial advantages include:
Providing you with more freedom and control over your living space
Giving you a greater sense of pride
Helps with community engagement
What Does That Mean for You? If your definition of the American Dream involves greater freedom and prosperity, then houszownership could play a major role in helping you achieve that dream. While it may feel challenging to buy a housz today as mortgage rates and housz prices rise, if the time is right for you, know that there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can grow your wealth, call your own, and feel most comfortable. Like the National Association of Realtors (NAR) says: “. . . research has consistently shown that houszownership is also associated with multiple economic and social benefits to individual houszowners. Houszownership has always been an important way to build wealth.”
Bottom Line Buying a housz is a powerful decision and a key part of the long-term dream for many Americans. And if houszownership is part of your dreams this year, let’s connect to start the process today.