Housing Crisis Doesn’t Change the American Dream
We still want to own homes, even after the housing crisis.
That’s the news from a recent survey by the Country Financial Security Index.
According to a story by the National Association of REALTORS®, 89% of about 1,000 surveyed U.S. residents told Country Financial that buying a home remains an important part of the fabled American Dream.
The survey also found that a growing number of U.S. consumers see owning a home as a goal that is easier to reach than it has been in recent years. A total of 64% of survey respondents said that owning a home is an attainable goal for the average middle-income family. That’s a big improvement from 2013, when the survey found just 41% of respondents holding that same opinion.
And what is keeping more U.S. consumers from making the move to ownership? The survey said that respondents pointed to low credit scores or difficulties in coming up with a down payment as the biggest obstacles standing between them and owning a home. Others cited housing prices in their area that were too high.
What should we take from this survey? Only that owning a home is still an important goal for the vast majority of U.S. residents. This isn’t surprising to me. There’s a real sense of pride involved in owning a home. When you own, you can steadily build up equity over the years. This makes owning a home an investment, too.
Some homeowners are still trying to recover from the housing crisis and many own residences today that are worth less than what they paid for them. Even with these issues, owning a home is still a big part of the American Dream and I don’t expect that to ever change.
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