While home ownership signifies success and is a core aspect of the American dream, many Americans still struggle to attain it. Despite 84% aspiring to own homes, 51% of non-homeowners fear they never will, per a LendingTree survey.
Insights reveal challenges for renters aspiring to own homes. Of those not owning homes but wishing to, 49% struggle with down payment affordability, while 40% cite high local home prices. Student loan debt affects millennials most (19%). Flexibility (59%) and space usage freedom (58%) drive the preference for homeownership. Maintenance costs (36%) and property taxes (35%) trouble homeowners, while renters dislike sudden rent hikes (30%) and landlord interactions (22%).
Homeownership satisfaction surpasses renting. 94% consider it a key American dream, though 38% see it as less vital now. 84% envision owning a home ideally. Gen Zers (ages 18-26) prioritize it the least at 75%. Millennials (84%), Gen Xers (approx. 84%), and baby boomers (approx. 89%) value it more. Gender and income influence preferences.
Recognizing today’s tough housing market with high prices and interest rates, Jacob Channel of LendingTree suggests hopeful buyers unable to afford a home now to remain optimistic. He recommends allocating time for savings and credit score improvement to enhance future homeownership prospects.
Owning a home is an American dream because it leads to greater happiness. Satisfaction rates are stark: 51% of renters are content with their housing, while 82% of homeowners share this sentiment.
The majority of non-homeowners in the U.S. are concerned about never owning a home. Millennial non-owners exhibit the highest worry at 60%, compared to Gen Z (51%), Gen X (approx. 51%), and baby boomers (approx. 36%). Concern is higher among parents of under-18 children (61%) than those without (49%) or with adult children (43%). Among those aspiring to own, 49% cite unaffordable down payments, followed by high home prices (40%), and interest rates (31%).
Not all Americans prioritize homeownership. About 16% prefer renting, with 42% valuing freedom from maintenance. Finances play a role, with 37% finding renting more affordable and 36% appreciating no property taxes. Additionally, 31% see renting as offering greater peace of mind.
Jacob Channel from LendingTree notes that while homeownership is a widespread goal, renting has advantages. Renting is typically cheaper and offers more mobility. Moving at the end of a lease is simpler compared to the complexities of selling a house.
