PR Newswire
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, [email protected]
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SOURCE Realtor.com
