When most individuals are asked what the “American Dream” entails, owning their own home is at the top of the list. That’s because home is where love resides, memories are created, friends always belong, and laughter never ends. It’s a space that whenever you leave, it always feels like the safest place in the world to come back to.
We all know the importance of owning a home to achieving the American Dream, but the motivations for most Americans aren’t always so simple. The Bank of America reported in its annual “Homebuyer Insights Report” the reasoning behind why consumers in America purchase their homes, and also asked these individuals about their general feelings toward home ownership.
Bank of America’s Chief Administrative Officer. D. Steve Boland introduced the findings by saying:
“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”
Overall, the reasons Americans buy their homes can be divided into two main categories: emotional and financial. As illustrated in the chart below, these factors break down further in the following ways:
- 52% of those surveyed want a place to call their own
- 43% of those surveyed say owning a home is something that they always wanted to do
- 31% of those surveyed want to put down roots
- 28% of those surveyed want a place to make memories
- 37% of those surveyed stated that owning a home is better than paying rent
- 26% of those surveyed reported that they had saved enough money
- 21% of those surveyed have a steady job
- 15% of those surveyed felt that it was a good time to buy a home
Boland continued by saying:
“The path to homeownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”
This statement was evidenced by the homeowners themselves in the report, where they were asked for their definition of homeownership. The story can be told in its entirety by these answers alone.
- A sense of security was included in 60% of the responses
- 58% of the responses included family in the definition
- Responsibility was included in 58% of the responses as well
- 57% of the responses defined homeownership as happiness
Home Ownership is Still the American Dream
The American Dream has always included owning your own home. This has been confirmed by continuous surveys over recent years conducted by various financial institutions. This aspect of the “ideal American life” doesn’t appear to be going anywhere for a long time.
If your American Dream involves owning a home, contact Anita Wheeler & Co. today. As your Atlanta real estate agent, we specialize in helping you and your family purchase their perfect luxury home in North Georgia. From mountain properties to luxury estates for sale, we’ve got the property that you are looking for. You can reach us by phone at 404-219-1938 or by email at AtlantaTopRealtor@gmail.com.