Defining the American dream is personal, and no one individual will have the same definition as another. But the feelings it brings about – success, freedom, and a sense of prosperity – are universal. That’s why, for many people, homeownership remains a key part of the American dream. Your home is your stake in the community, a strong financial investment, and an achievement to be proud of.
A recent survey from Bankrate asked respondents to rank achievements as indicators of financial success, and the responses prove that owning a home is still important to so many Americans today (see graph below):
As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree.
That could be because owning a home is a significant wealth-building tool and provides meaningful financial stability. The National Association of Realtors (NAR) explains:
“Homeownership builds financial security. With 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.”
There are other ways your home acts as more than just a roof over your head, too. The Mortgage Reports highlights a few of the many benefits homeowners enjoy, including:
- Your equity (and wealth) grows through home price appreciation.
- Your housing costs are fixed – and that can help combat rising costs from inflation.
- You’ll have greater privacy and the opportunity to customize your living space.
Plus, homeowners tend to be more active in their community. Like NAR says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
What Does That Mean for You?
If your definition of the American Dream involves greater freedom and prosperity, then homeownership could play a major role in helping you achieve that dream. When you set out to buy, know there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can call your own, feel most comfortable, and grow your wealth.
First American puts it best, saying:
“Homeownership remains central to the pursuit of the American Dream. It is a critical driver of economic mobility, delivering financial and social advantages. . . .”
Buying a home is a powerful decision and a key part of the American Dream. And if homeownership is part of your personal dreams this year, let’s connect and start the process today.
Find Your Next Home
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Please call/text/message/email me to share your thoughts about your next home and I’ll identify your most important next step.
If you’re reading this late at night and want to start now, first send me an email, then focus on these items of the home buying process: 1) Download my Home Buyers Guide to learn general information (if you’re into doing your own research). 2) Talk to a quality mortgage lender and get pre-approved for financing. 3) Search for homes currently on the market to get a feel for the types of homes, locations, and price points available. 4) Read my Denver real estate blog (updated daily!) to further educate yourself about the market and relevant topics for home buyers. And of course, when in doubt, just call me and I will help you with each step of your journey.
When It Is Time To Sell Your Home
Find out how much your home is worth and download my free guide for home sellers for helpful information. It is important to choose a REALTOR® who can develop an effective marketing strategy for your property, negotiate well on your behalf, and has the knowledge to provide an accurate market comparison so you can determine the right asking price. The market changes each week and your asking price is an important component of your selling strategy. I am here to listen and serve. I will share how your home stacks up against the competition, or how we can position your property to sell quickly and for a good price, or talk through any unique circumstances or goals. Contact me today to start a discussion…
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