Owning a home they love is a pillar to the American Dream, according to most Americans.
Hearth’s 2017 State of the American Dream report found that all generations believe that homeownership is a key to achieving the American Dream. Seventy percent of the country believes obtaining the American Dream is important, and 70 percent of Americans believe homeownership is important to the American Dream. This feeling is prevalent across generations, but millennials are 5 percent more likely than baby boomers to feel this way.
Sixty-four percent of Americans reported that its important to own a home they love, while 90 percent said they need to have the “right” home to lead them to the American Dream.
Homeowners are 126 percent more likely to view homeownership as a way to build wealth than non-owners, and 23 percent more likely to see ownership as a tool to create a living space for family. They are also 24 percent more likely to view ownership as an achievement that reflects hard work.
Millennials are 77 percent more likely than baby boomers to see a home as the primary way to build wealth, according to the report, while baby boomers are 98 percent more likely than millennials to see a home as an opportunity to pass wealth down to family.
Of those who believe that homeownership is important to the American Dream, more than three-quarters percent report that renovations are essential. Baby boomers were most likely to feel this way at 84 percent, but even 75 percent of millennials agreed. Across genders, males and females were nearly equal, coming in at 80 and 78 percent respectively.