According to the National Association of Realtor's 2018 Aspiring Home Buyers Profile, 8 out of 10 non-owners believe homeownership is an essential part of the American Dream—a dream they want to fulfill. According to that same report, 82% of non-owners aspire to purchase a home in the future. One reason owning a home is so closely tied to the American Dream is the perceived higher quality of life homeownership offers. According to the National Association of Realtor's Social Benefits of Homeownership and Stable Housing report, homeownership has been linked to positive social outcomes like stronger social ties to neighbors, higher educational performance in children, and increased civic and community involvement—all key elements of what most consider the American Dream.
The Takeaway
Most non-owners cite difficulty saving for a down payment and not being able to afford to purchase property as the major roadblocks on their path to homeownership. But if that's all that's stopping you from living your version of the American Dream, you might want to reconsider. There are a variety of loan options that require little to no down payment, and in most markets across the country, renting is actually more expensive than buying. Talk to your real estate agent, because the dream of homeownership might be more attainable than you think.