Sentiments towards homeownership remain
positive as Americans identify it as a life goal, but is it still
seen as necessary to build long-term wealth?
SANTA
CLARA, Calif., Jan. 14,
2025 /PRNewswire/ -- The American Dream is alive and
thriving, according to a new survey from
Realtor.com®, which found nearly two out of three
Americans (64%) identify homeownership as one of their life goals,
while 50% believe homeownership is necessary to achieving long-term
wealth.
"Home, and land, ownership has been a part of the American Dream
for generations, and 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, VP Research and
Insights, Realtor.com®.
Homeownership Continues to be a Part of the American Dream,
But is Desire Dropping?
A majority, 75%, of Americans
believe homeownership is part of the American dream,
but the sentiment differs across generations. Baby boomers feel the
strongest, as 84% see homeownership as an integral
part of achieving the American Dream, while the rest of the
generations agree but to a lesser degree, especially as they get
younger: 74% of Gen X, 69% of millennials and 67% of Gen Z feel
that owning a home is a part of the American Dream.
That being said, the desire to own a home is still high, as
Americans, particularly millennials (69%) and Gen Z (70%), identify
it as a life goal, significantly more than Gen X (62%) and baby
boomers (59%), potentially because they aren't as likely to own
their home.
Americans are Confident that Homeownership is
Achievable
As sentiments towards homeownership remain
positive, according to the Realtor.com® survey, more
than half of Americans surveyed (59%) believe that homeownership is
achievable for them. Baby boomers are the most confident when it
comes to their ability to buy a home with 63% stating that
homeownership is achievable, and, perhaps surprisingly, millennials
are the next most likely to consider homeownership achievable
(57%), followed by Gen X (55%) and Gen Z (54%).
Interestingly, the age of homebuyers reached an all-time high in
2024. According to the National Association of Realtors®
2024 Profile of Buyers and Sellers, the median age of buyers peaked
at 56 years old and the typical repeat buyer age is 61 years old,
likely contributing to the bump in confidence for the eldest
generation.
Younger Generations Agree Homeownership is Integral to
Building Long Term Wealth
When it comes to building wealth,
millennials (53%) and Gen Z (52%) are more likely than their elders
to believe that owning a home is necessary to building long term
wealth. In fact, less than half of Gen X (48%) and baby boomers
(45%) see homeownership as necessary for building long-term wealth,
even though they are more likely to own their current residence.
According to the survey, 66% of baby boomers, 54% of Gen X, 43% of
millennials and 33% of Gen Z currently own their primary
residence.
Methodology
The Realtor.com®
poll was conducted on November 7-8,
2024, among a national sample of 2201 Adults ages 18+. The
survey was conducted online, and the data was weighted to
approximate a target sample of Adults in the U.S. based on gender,
educational attainment, age, race, and region.
About Realtor.com®
Realtor.com®
is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media contact: Asees Singh, press@realtor.com
View original
content:https://www.prnewswire.com/news-releases/three-out-of-four-americans-view-homeownership-as-part-of-the-american-dream-302349847.html
SOURCE Realtor.com
