Since the birth of our nation, homeownership has always been considered a major piece of the American Dream. As Frederick Peters reports in Forbes:
Additionally, a research paper released just prior to the shelter-in-place orders issued last year concludes:
Has the past year changed the American view on homeownership?
Definitely not. A survey of prospective homebuyers released by realtor.com last week reveals that becoming a homeowner is still the main reason this year’s first-time homebuyers want to purchase a home. When asked why they want to buy, three of the top four responses center on the financial benefits of owning a home. The top four reasons for buying are:
Millennials believe most strongly in homeownership.
The survey also reports that 62% of millennials say a desire to be a homeowner is the main reason they’re buying a home. This contradicts the thinking of some experts who had believed millennials were going to be the first “renter generation” in our nation’s history.
While reporting on the survey, George Ratiu, Senior Economist at realtor.com, said:
Odeta Kushi, Deputy Chief Economist for First American, also addresses millennial homeownership:
Kushi goes on to explain:
As it always has been and very likely always will be, homeownership continues to be a major component in every generation’s pursuit of the American Dream.
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