For the majority of Americans, homeownership remains an important part of the American dream, according to a study published Tuesday Realtor.com.
In a random sample survey of more than 2,000 adults conducted in early November, Realtor.com found that 75% of Americans believe homeownership is part of the American dream. Additionally, the survey found that 64% of Americans consider homeownership one of their life goals, while 50% of respondents believe homeownership is necessary to achieve long-term wealth.
“Home and land ownership has been a part of the American Dream for generations, and while current conditions surrounding home affordability and availability make ownership more challenging, many Americans still see the ideal of owning a home that belongs to them as a This is an important cornerstone for achieving both the American Dream and creating long-term wealth for themselves and their families,” said Laura Eddy, vice president of research and insights at Realtor.com, in a declaration.
Although the majority of Americans believe that homeownership is part of the American dream, this varies from generation to generation. Baby boomers feel the strongest, as 84% of respondents believe homeownership is an integral part of the American dream. In contrast, 74% of Generation X respondents felt this way, followed by 69% of Millennials and 67% of Generation Z.
While a smaller share of younger generations may not view homeownership as an essential part of the American dream, their desire to own a home is strongest: 69% of Millennials and 70% of Generation Z view homeownership as a life purpose.
By comparison, 62% of Generation X and 59% of Baby Boomers feel this way. Additionally, younger generations are more likely to believe that owning a home is necessary to build long-term wealth, with 53% of Millennials and 52% of Gen Z respondents expressing this sentiment. These shares fall to 48% among Gen X and 45% among boomers.
When it comes to purchasing a home, boomers are the most confident that homeownership is within reach, as 63% of respondents say homeownership is achievable. This was followed by 57% of millennials, 55% of generation their main residence.
