For the majority of Americans, homeownership remains an important part of the American dream, according to a study published Tuesday by Realtor.com.
Through a survey of a random sample 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 identify homeownership as one of their life goals, while 50% of respondents believe that homeownership is necessary to achieving long-term wealth.
“Home, and land, ownership has been a part of the American Dream for generations, and while current conditions around affordability and the availability of homes make ownership more challenging, many Americans still see that ideal of having a home that belongs to them as a key cornerstone of achieving both the American Dream and creating long-term wealth for themselves and their families,” Laura Eddy, vice president of research and insights at Realtor.com, said in a statement.
While the majority of Americans believe that homeownership is part of the American dream, it differs across generations. Baby boomers feel the strongest as 84% of respondents believe that homeownership is integral to the American dream. In contrast, 74% of Generation X respondents felt this way, followed by 69% of millennials and 67% of Generation Z.
Although a smaller portion of younger generations may not see homeownership as an essential part of the American dream, their desire to own a home is the strongest, with 69% of millennials and 70% of Gen Z identifying homeownership as a life goal.
In comparison, 62% of Gen X and 59% of baby boomers feel this way. Additionally, younger generations are more likely to believe that owning a home is necessary to building long-term wealth, with 53% of millennials and 52% of Gen Z respondents expressing this feeling. These shares drop 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 said homeownership is achievable. This was followed by 57% of millennials, 55% of Gen X and 54% of Gen Z. According to the survey, 66% of baby boomers, 54% of Gen X, 43% of millennials and 33% of Gen Z currently own their primary residence.
