The American dream has long included the aspiration of homeownership, and despite the economic obstacles and a volatile housing market, it remains a priority for the majority of Americans.
According to recent data from Bankrate, a staggering 78% of people in the United States still consider owning a home an integral part of this dream.
"It's strong among every age group, cited more than anything else among most age groups," Greg McBride, chief financial analyst at Bankrate explained.
Surprisingly, when comparing other life milestones, only 45% of Americans view having children as part of the American dream, showcasing a shift in societal values concerning personal fulfillment and success.
However, with such staggering enthusiasm towards homeownership comes a sobering reality: a growing number of people are struggling with the economic feasibility of this goal.
"78% of aspiring homeowners pointed to one or more factors that were related to affordability as what was keeping them on the sidelines," McBride stated.
Among the top concerns hindering potential home buyers from stepping into the market, "Not having enough income" leads the way, cited by 56% of aspiring homeowners, followed closely by high home prices and the inability to afford down payment and closing costs.
The issue of affordability strikes disproportionately across the landscape of America, hitting rural areas the hardest, a reality often overshadowed by high-profile, urban-centric housing discussions.
"The concern about affordability was actually greatest in rural areas," McBride added.
But Americans are not giving up. McBride revealed that a striking "69% of Americans say they're willing to take at least one step in order to find more affordable housing."
Particularly among the younger generation, with Gen Z and millennials leading the charge, strategies like downsizing living space, moving out of state, or even buying a fixer-upper are on the table. McBride also mentioned other significant concessions, including "moving further away from family members and friends, work, moving into a less desirable area, or taking on roommates."
You can find the full report from Bankrate here.
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