The Great Recession soured thousands on the American Dream. Many started talking about the rich getting richer and about how difficult it is for working people to have just enough. However, according to a January 2019 report from the National Association of Realtors (NAR), the American Dream is alive and well with aspiring homebuyers. The aptly named “Aspiring Home Buyers Profile” examines the consumer preferences of non-homeowners, as well as their perceptions of homeownership, housing affordability, and the American Dream.
Is Home Ownership Still Part of the American Dream?
For most of the 20th century, homeownership was seen as an integral component of the American dream, a key to long-term wealth accumulation. Despite the cynicism that followed the Great Recession and persistent media narrative of malaise, the NAR has found that homeownership remains an integral part of the American Dream. Among non-owners, 75% view ownership as part of their American Dream. 90% of owners agree.
What Prevents People from Buying?
If homeownership is so important to American Dreamers, then why do some still rent their homes? Unsurprisingly, the NAR found that the main reason for remaining on the sidelines was the lack of money. 43% of non-owners said that they did not own homes, because they were not in a position to purchase. They cited a positive change in financial circumstances as one of the reasons they would buy a home in the future. However, a near equal percentage cited changes in lifestyle, such as getting married or starting a family, as a possible catalyst for buying a home.
How New Technology Brings the American Dream Closer
Propy provides shoppers with an online directory of local and international listings aggregated from MLS, an all-in-one transaction platform where they can upload and sign documents, and a Blockchain Title Registry where they can securely store their deeds. By moving the transaction to the blockchain, Propy automates much of the work and eliminates middlemen like banks and real estate lawyers. It makes homeownership more affordable and brings the American Dream closer to non-homeowner believers.