Homeownership remains central to American dream despite economic challenges

Americans continue to see homeownership as a key part of the American dream, according to a recent survey by Realtor.com. The study found that 75% of Americans believe owning a home is integral to achieving this dream, and 59% think it is achievable in the United States.

Despite rising mortgage rates approaching 7%, many Americans still view homeownership as crucial for long-term wealth. "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," said Laura Eddy, vice president of research and insights at Realtor.com.

The survey highlights generational differences in attitudes towards homeownership. While 84% of baby boomers view it as part of the American dream, fewer millennials (69%) and Gen Z (67%) agree. However, both younger generations still consider owning a home one of their life goals.

When asked about their personal prospects for buying a home, baby boomers were the most optimistic (63%), followed by millennials (57%) and Gen X (55%). Gen Z was the least confident at 54%.

Regarding wealth-building, over half of millennials and Gen Z believe homeownership is necessary for building long-term wealth. This contrasts with less than half of Gen X (48%) and boomers (45%).

The National Association of Realtors' 2024 Profile showed that last year's median age for homebuyers was 56, while repeat buyers averaged 61 years old.