Owning A Home Is Still The American Dream
June is National Homeownership Month... a great time to ask if owning a home is still the American Dream.
The famous quote by Walt Whitman, “A man is not a whole and complete man, unless he owns a house and the ground it stands on,” still very much describes how the majority of Americans feel about the fact that owning a home is an integral part of attaining the American Dream.
Americans believe strongly in homeownership, as evidenced by a Pew Reseach survey, which asked "How important is homeownership to achieving the American Dream?” The results showed 91% of responders said homeownership was either essential or important to the American Dream.
- 43% said homeownership was essential to the American Dream
- 48% said homeownership was important to the American Dream
- 9% said it was not important
Homeownership Rates Continue To Increase
Statistics of home ownership rates as of the first quarter of 2018 show the percentage of homeowners in America steadily climbing back up since hitting a 50-year low in 2016. The homeownership rate in the first quarter of 2018 was 64.2%, higher than last year’s 63.6%. The rate of home ownership has ticked up for five consecutive quarters (at the same time, the number of new renter households has fallen for four consecutive quarters). Owner-occupied households grew by 1.345 million from a year ago.
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