Everyone has their own idea of the American Dream, and it’s different for each person. But, in a recent survey by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the No. 1 spot for many Americans today (see graph below):
In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?
A recent survey by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):
While there are plenty of reasons why someone might prefer homeownership to renting, the same 1000watt survey shows, that for 63% of Gen Z and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.
That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the financial benefits homeownership provides, in most cases it’s about the lifestyle or emotional benefits (see graph below):
What Does This Mean for You?
If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to buy a home, you’ll want a great real estate agent by your side. On Staten Island, this means hiring a local a Staten Island real estate professional, a Realtor subscriber of the Staten Island Multiple Listing Service Inc. (SIMLS). Their experience and expertise in the local housing market will help you overcome today’s high mortgage rates, low inventory and rising home prices to find your first home and turn your dream into a reality.
Working with a local real estate agent to find your dream home is the key to unlocking the American Dream: For the prime source of Staten Island home listings, local real estate market trends — and a directory of local Realtors – visit MLSsiny.com, the online home of the Staten Island MLS.
Buying a home is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, connect with a Realtor subscriber of the Staten Island Multiple Listing Service Inc. to start the process today.
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The information contain¬¬ed, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) and/or the Staten Island Multiple Listing Service Inc. (SIMLS) are not intended to be construed as investment advice. SIBOR and SIMLS do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR and SIMLS will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
