According to a new Realtor.com survey, three-quarters of Americans view homeownership as a fundamental desire, making it a pillar of the American Dream. Though to differing degrees, the desire to become a homeowner persists across generations despite obstacles like growing mortgage rates and property costs.
Many Americans still see ownership as a means of achieving long-term stability and wealth, even while financial obstacles continue to make it less accessible for some. This ingrained desire represents a shared cultural ideal that has endured over decades in addition to personal ambition.
A Universal Yet Generational Dream
75% of American adults still believe that having a home is a prerequisite for realizing the American Dream, per research from Realtor.com. 2,200 persons nationwide were surveyed in November 2024, and the results showed that opinions toward homeownership varied by generation. The opinion was strongest among baby boomers, who 84% said that homeownership was essential to their goals. Younger demographics, on the other hand, were marginally less enthusiastic: 74% of Generation X respondents, 69% of millennials, and 67% of Generation Z participants said that they prioritized homeownership.
Despite these generational disparities, nearly two-thirds of Americans surveyed described buying a home as a key life goal. Millennials and Gen Z were especially likely to link homeownership to financial success, with over half of respondents from these groups identifying it as vital for building long-term wealth. Laura Eddy, vice president of research at Realtor.com, emphasised the enduring role of homeownership in shaping both personal identity and financial stability, stating: “Home, and land, ownership has been part of the American dream for generations.”
Challenges and Shifting Realities
While the aspiration for homeownership persists, financial challenges continue to shape the housing landscape. In late 2024, the U.S. homeownership rate stood at 65.6%, according to the Federal Reserve Bank of St. Louis. Affordability remains a critical issue, with median home prices reaching $427,670 in December, representing a 6.3% increase year-on-year, according to Redfin data.
Furthermore, prospective purchasers now face additional complications as a result of mortgage rates. In January 2025, Freddie Mac reported an average 30-year fixed mortgage rate of 7.04%, a significant increase that has helped to reduce demand from homebuyers. Consequently, 20% of respondents questioned if homeownership was feasible, while 59% of respondents were hopeful about ultimately becoming homeowners.
The survey highlights how resilient the American Dream is in spite of these challenges. For many people, the desire to buy a home goes beyond financial difficulties and is a social ideal that inspires people of all ages as well as a personal accomplishment.
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