Homeownership Remains TOP Feature of The American Dream in 2023
Every individual's interpretation of The American Dream is special and personal, making it a truly diverse concept. For countless people, it revolves around a fulfilling sense of achievement, boundless freedom, and abundant prosperity. It's no surprise that owning a home plays a significant role in fulfilling these aspirations.
In an enlightening survey conducted by Bankrate, participants were asked to identify the achievements they believed best epitomize the American Dream. The results unequivocally demonstrate the enduring importance of homeownership in the hearts of countless Americans today (refer to the graph below). It's truly heartening to witness the widespread desire for this fundamental element of the American Dream.
As depicted in the graph, homeownership triumphs over other significant milestones like retirement, career success, and earning a college degree. It's truly exciting to see how owning a home continues to be held in high esteem with regards to The American Dream. This data reaffirms the immense value placed on homeownership in relation to other important life achievements.
A recent report from MYND helps shed light on why so many people value homeownership. It finds:
“. . . nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
Why is that? Because homeownership sets the stage for your equity and net worth to grow (often, exponentially) over time. With each mortgage payment and as your home appreciates, your financial standing strengthens. This dynamic paves the way for building intergenerational wealth and securing long-term financial stability with unwavering optimism.
To further drive home the point that homeownership makes a remarkable difference in our lives, Fannie Mae feels that:
“Most consumers (87%) believe owning a home is important to ‘live the good life.’ . . . Notably, significantly more see ‘having less stress’ as a benefit achieved by owning than renting.”
In today's high inflation and rising interest rates, this is especially significant. Owning a home with a fixed-rate mortgage empowers you to stabilize your largest monthly expense—the cost of housing. This acts as a powerful defense against the impact of rising inflation, ensuring you can navigate through changing times with confidence and financial security.
What Does All of This Mean for You?
Although purchasing a home in the current landscape might appear daunting due to elevated mortgage rates and home prices, rest assured that if the timing aligns with your goals, a multitude of incredible benefits awaits you at the end of your homeownership journey. Embrace the possibilities and seize the opportunity to unlock a world of rewards and fulfillment.
Purchasing a home is an incredibly empowering decision, embodying the essence of the American Dream. If you're ready to transform your homeownership dream into reality this year, let’s talk! I encourage you to connect with me, sooner rather than later. Together, we can jump-start this exciting process and embark on an exciting journey to turning your dreams into reality - a home of your own. Let's make it happen!
*NOTE: The subject, quotes and graphics were provided by Keeping Current Matters (KCM) as a paid service. The post was written by me and is therefore, copyrighted by me.
© Debe Maxwell, CRS | The Maxwell House Group | Savvy + Company | SavvyBroker@me.com | Homeownership Remains TOP Feature of The American Dream in 2023
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