The State Of The American Dream
We took a hard look at the population who said the American Dream was important to them and also said that owning a home is critical to the American Dream. This population reveals what aspects of the homeownership experience define the American Dream.
We’ll call this segment American Dream homeowners.
The survey results make this clear: Among American Dream homeowners, 79% think renovations are important, with 45% calling them very important.
Why does homeownership matter to the American Dream?
Buying a home is the biggest investment most Americans will ever make. However, of people who think achieving the American Dream is important, only 4% cite the opportunity to build wealth as their primary motivator.
Why?
It turns out that people who want to achieve the American Dream associate homeownership with creating a living space for family (26%), followed closely by a feeling that their house is an achievement that reflects hard work (25%).
Rather, 64% of American Dream homeowners thinks it’s very important to “own not just any home, but a home you love.” An additional 27% called it “fairly important”. For over 90%, homeownership alone is not enough; it has to be the right home.