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Consumers Still See Home Ownership as Essential to the American Dream

By
Services for Real Estate Pros with TheHousingGuru.com

couple in front of homeA recent survey reported on RISMedia shows that consumers still see home ownership as essential to the American Dream.  According to the survey, Americans see beyond the housing crisis to the “enduring value of homeownership.”   I agree and have written several posts that support the findings. 

 

Homeownership is about much more than the costs or investment potential of real estate.  And while we have recently seen a decline in the rate of homeownership, almost three-quarters of those surveyed who do not presently own, indicated a goal of one day owning a home.

 

Because of the financial crisis and the collapse of the housing market, many in the media continue to malign the concept of homeownership, with some offering dire predictions for the future of housing.  But it’s not that ownership has become less desirable, it’s that the single-minded vision of homebuying as an investment strategy certain to increase one’s wealth has faded into the shadows where it always belonged. 

 

Not all Americans desire to own their homes, and for many, lifestyle options make ownership a poor choice; but it seems that the majority of consumers still see home ownership as essential to the American Dream.  And though the process of ownership is currently being reexamined, it’s far from becoming an impossible dream; most see it as a goal worthy of pursuit.

 

For more information see: Should Anyone Buy a Home in Today’s Market?

 

The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s Housing News

 

 

 

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

It (home ownership) is, IMO, far more than a goal.  It's a dream.  Sadly, the American citizen's dream was shattered by the greed and perfidy of many who were tasked to serve. 

Jun 10, 2011 11:58 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Thanks Lenn for saying it that way, it is indeed a shame what greed has done to that dream!

Jun 11, 2011 01:34 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

John, home ownership has always been the American dream and I think it will be for a long time to come. People just have to understand that buying a home is a long term investment.

Jun 11, 2011 02:36 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Lenn - And like Humpty Dumpty, it's going to take both effort and time to get it together again--if we can.

Michael - Many have begun to re-think the concept--and that's a good thing.

Jun 11, 2011 02:47 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

John

I had a chance to study a birds nest the other day...that bird went to great lengths to make a nice home for the time it would be using it. It was comfortable, secure, and provided a safe and predictable place to raise a family or lay your head down after a long day of flying around....All of nature does this and as the main stewards of this planet, when you use something to make it your home, we are doing what comes natural....What we learned recently is that you can taint anything by being irresponsible, negligent, indifferent or greedy....Good post John...

Jun 11, 2011 03:27 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Richie - Thanks for the great analogy.  I can always depend upon you to help us keep things in perspective.

 

 

Jun 11, 2011 04:06 AM
Tamara Inzunza
Realty One Group Capital - Alexandria, VA
Close-In Alexandria and Arlington Living

A big part of it is homeownership represents stability.  Understandable that everyone is not in the financial position to purchase, but I believe that more people do want to buy and own, and would if they had the opportunity.

Jun 11, 2011 04:57 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Thank you for your post - I am sure that most people do want to own their home, but as Richie said, you can taint anything by irresponsibility.  I think we as agents need to NOT sell homes to EVERYONE - we have a responsibility too.

Jun 11, 2011 05:03 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Having a roof over one's head is either going to play out in two ways:  renting or owning.  Most would rather own than rent, IMHO.

Jun 11, 2011 05:47 AM
Anonymous
Anonymous

John I entirely agree with you on the value of home ownership. In today's economic climate with declining values and debt, home ownership is a burden for many. With all the pressures we feel in our day to day living, the dollars and cents aspect of home ownership just doesn't seem to be worth it. I believe as we recover this will change. I am totally convinced the intrinsic value of pride of ownership and owning " A Piece of The Rock" far exceeds the value of our homes as an investment.

For this reason we will once again have a thriving industry and our best days are just down the road.

 

Rick St.Dennis

Jun 11, 2011 06:13 AM
#18
Anonymous
Rick St.Dennis

John I entirely agree with you on the value of home ownership. In today's economic climate with declining values and debt, home ownership is a burden for many. With all the pressures we feel in our day to day living, the dollars and cents aspect of home ownership just doesn't seem to be worth it. I believe as we recover this will change. I am totally convinced the intrinsic value of pride of ownership and owning " A Piece of The Rock" far exceeds the value of our homes as an investment.

For this reason we will once again have a thriving industry and our best days are just down the road.

Jun 11, 2011 06:14 AM
#19
Maya Swamy
Funds Available - Long Beach, CA
Ph.D. Long Beach, CA - fundsavailable.com

The questions is how many who dream are  going to be able to make it a reality and when. Both the financial and financing situations are still on the dire side.

Jun 11, 2011 06:22 AM
Gregory Bain
Mezzina Real Estate & Insurance - Little Egg Harbor, NJ
For Homes on the Jersey Shore

John,

George Souto also got a featured posting on this survey. Here's my comment to him:

George, It is my opinion that a survey of 2000 people does not adequately address the opinion of the American population. I really have no faith in surveys and those organizations that conduct them. Whenever my home phone rings and I start to get their questions, I tell them I am not interested and hang up. I think I would rather hear someone trying to sell me aluminum siding than a surveyor.

At any rate, congrats on your featured blog. good luck.

Jun 11, 2011 12:15 PM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

For many a home they own "Free & Clear" represents their entire retirement fund !!!!! Paying a mortgage is a form of FORCED SAVINGS for many !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jun 11, 2011 01:54 PM
Ray Waisler
Finance of America - Atlanta, GA
NMLS #6621 - Specializing in Jumbo FHA & VA

John, I think the media can pummel home ownership from here till doomsday and it will not sway the vast majority. Home ownership is part of our very fabric.

Jun 11, 2011 01:54 PM
Donald Reich
Madison Specs - New Rochelle, NY
Cost Segregation Specialist

Every family I know still wants to own a home. Regardless of the economy it is STILL the American Dream!

Jun 11, 2011 04:12 PM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Tamara - I agree.

Joy - We've all learned some good lessons during the crisis.

Carla - And for those who stay in the same home and pay off the mortgage, the rewards are significant.

Rick - But the changes you mention won't come rapidly.

Maya - Housing is undergoing a period of change, but in the end, I believe we'll all benefit.

Gregory - While we may question the source of the survey, I know from personal experience of 4 decades in the business that "lots" of folks desire to own.

 

Jun 12, 2011 05:04 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Michael - And it's nice to "lose" the mortgage payment once you near retirement.

Ray - It's seems to be in my DNA.

Donald - While it's not for everyone--and at every time--it still appeals to the masses.

Jun 12, 2011 06:21 AM
Kate Kate
San Diego, CA

John, The pendulim has swung from stretching to the point of breaking the bank account because a house is a good investment to buying an affordable home to live in. Recession/Depression has a way of bringing out core values.

Jun 28, 2011 04:36 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Kate - It is interesting how economic conditions can change our perceptions.

Jun 28, 2011 11:14 AM