Homeownership is the "American Dream" for a Reason

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Real Estate Agent with Realty Executives Boston West 113011

 

 

Homeownership is the "American Dream” for a Reason

Homeownership is the

There has been some who have been voicing doubt as to whether or not the younger generations still consider buying a home as being part of the "American Dream”. A recent study by Merrill Lynch puts that doubt to rest. According to their research, every living generation still maintains that owning a home is in fact important. Here are the numbers:

American Dream STM

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):

Home Equity

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.”

 

The best investment my husband and I made and there is nothing to compare to owner your own home.  We have owned our home now for 44 years and we have enjoyed sharing it with friends and family.  Many times it has been a short stay for friends and family for various reasons and it has been a blessing to us and many.  Pat & Robbie Baker

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Massachusetts Norfolk County Needham
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Pat Laracy Baker

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