Chicken Little is Wrong: Homeownership Still the American Dream
After the harrowing challenges experienced by so many homeowners over the last few years, many housing experts had predicted that the belief in homeownership as a major element of the American Dream would soon die. There is now conclusive evidence that these experts were wrong. As we reported back in September, The Joint Center of Housing Studies at Harvard University completed a study which concluded:
“The long term cultural preference for owning seems to have weathered the recent housing crisis.”
Now, a second source recently announced similar results. Fannie Mae just released their National Housing Survey of Delinquent Mortgage Borrowers. The survey asked questions about the value of homeownership to the most sensitive of all groups – those delinquent on their mortgages. Here is what they found:
Of those delinquent borrowers:
- 74% still see homeownership as better than renting when building up wealth
- 71% still see homeownership as better than renting when saving for retirement
- 73% still see homeownership as better than renting for overall financial stability
- 80% still see homeownership as better than renting as an investment plan
- 70% still see homeownership as better than renting for creating an overall tax strategy
Bottom Line
Homeownership has always been and will always be a crucial piece of the American Dream.
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