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Homeownership: The Heart of the American Dream

Friday, July 5, 2024   /   by Aaron Kinn

Homeownership: The Heart of the American Dream

Everyone’s vision for the future is personal and unique, but common goals often include success, freedom, and prosperity — values closely linked to owning a home and achieving the American Dream.

A recent survey by Bankrate confirms this: homeownership remains a key part of the American Dream. According to the survey, 78% of respondents ranked owning a home above other significant milestones such as retirement and career success. But why is buying a home so important to many people today? One reason is the financial and physical security it offers. Owning a home with a fixed-rate mortgage can stabilize what is likely the largest monthly expense, reducing stress.

Another reason is the potential for building wealth. Over time, homeowners build equity as they pay down their mortgage and as home prices appreciate, leading to long-term financial stability.

But what about the responsibilities of owning and maintaining a home? According to a survey by Entrata, only 23% of renters believe homeownership is too much work, indicating that most are open to the commitments that come with being a homeowner.

What Does This Mean for You?

Buying a home today might seem daunting due to higher mortgage rates and rising home prices, but the long-term benefits can make it worthwhile. Remember, homeownership is more than just a financial investment — it's a step toward securing your future.

Bottom Line

Owning a home is a significant and powerful decision that represents a key part of the American Dream. If you’re ready to take this step, let's connect so you have guidance throughout the process to help make your homeownership goals a reality.