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  • Writer's pictureLaura M. Johnson

The American Dream: A House To Call Home

Considered to be a right of passage into a "successful" level of adulthood, buying a home for the first time remains a key milestone of the American Dream. Owning a home provides a sense of financial stability, control, and independence, as well as the potential for increased wealth through building equity. The process of buying a first home can be challenging, but is ultimately rewarding as it offers an opportunity to alter the physical features of the space according to your own personal taste, lifestyle, and needs. Homeownership can also provide a sense of community and belonging, as neighbors often form strong bonds that enhance a person's overall quality of life.

According to the 2022 Consumer Insights Report from Mynd, homeownership remains a significant life milestone for most individuals. The report found that 70% of survey respondents still view owning a home as an important achievement. This mindset seems to hold true across all age groups and income levels, suggesting that the desire to own a home is deeply ingrained in the American psyche. These results are not surprising given the numerous benefits of home ownership, including an ability to build wealth, establish financial stability, and enjoy a sense of pride and accomplishment. Despite the current climate of rising mortgage rates and high home prices, people are still motivated to enter the housing market. Despite the widespread desire to buy, several barriers continue to exist for first-time homebuyers, including inflated home prices, record low levels of inventory, and stricter lending requirements. Overall, the Mynd report highlights the enduring appeal of homeownership and suggests it will continue to be a key aspect of the American Dream for the foreseeable future.

Homeownership is a central part of the "land of opportunity" concept for good reason. Owning a home gives individuals and families a sense of stability and security that is hard to match. When you own your own home, you don't have to worry about annual rent increases or your landlord deciding to sell the property. Instead, you have a peace of mind knowing that you have a place to call your own for as long as you choose to stay there. Additionally, homeownership is a smart investment. Over time, homes tend to appreciate in value, meaning that owners can often make a profit when they sell it. Even if the housing market fluctuates, owning a home tends to be a solid long-term investment.

Many individuals are able to enjoy a sense of pride and accomplishment that accompanies homeownership. Whether its the ability to upgrade their kitchen cabinets or investing in DIY home improvement projects, homeowners enjoy a sense of dignity in transforming their house into a home. There are a myriad of reasons why Americans continue valuing homeownership, from financial independence to the emotional satisfaction that parallels having a place to call their own. While the decision to buy a first home is a powerful one, it shouldn't be taken lightly. Prospective first time homeowners should carefully consider their long-term financial situation, set savings goals, and re-evaluate their lifestyle and needs prior to investing in real estate. Ultimately, finding the right first home can be a journey, but is well worth the effort when it results in having a place to call your own.

The Financial Benefits of Owning a Home

A reason why homeownership is strongly desired is because of its ability to be used as a wealth-building tool. Unlike renting, where monthly payments are essentially paying for the use of a property by someone else, homeownership allows individuals to invest in an asset that typically appreciates in value over time. Additionally, homeowners can build their equity by making regular monthly payments that reduce the outstanding balance of the mortgage loan and increase their percentage of ownership in the property.

Homeownership also provides a sense of stability and control over your own living situation, which can lead to a greater sense of security and peace of mind. Moreover, owning a home can provide tax benefits, such as deducting mortgage interest and property taxes on annual tax returns. Overall, while there are certainly costs associated with owning a home, the potential financial rewards and intangible benefits make it an attractive option for those looking to build long-term wealth and stability for themselves and their families. An article by Forbes explains how homeownership plays a crucial role in building wealth through equity:

"Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting... household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing."

When you purchase a home, you are essentially investing in your future financial stability. As you pay off your mortgage, you build up equity in your home, which is the difference between the market value of the property and the remaining balance of the mortgage loan. This equity can be used in numerous ways, such as taking out a home equity loan to finance renovations, or borrowing against it to fund other investments. Homeownership also allows you to choose to live in the home as long as you desire. However, it's important to note that additional expenses, such as repairs and maintenence, are part of a homeowner's responsibility. Overall, the Forbes article emphasizes the importance of homeownership as a long-term investment. Owning your home is one of the key ways to building wealth and improving your financial well-being. It not only provides a place to live, but can also be a valuable asset that appreciates in value over time.

According to a recent study as reported by CNBC, findings suggest that home ownership can boost one's net worth by up to 80 times more than renting. This is because the value of your home increases as you pay down the mortgage, and over time, it becomes a signficant form of wealth. Bottom line, homeownership is a wise investment that can benefit you and your family both financially and emotionally. Hence why Mynd's 2022 report also maintains:

"Most Americans (78%) still associate homeownership with the 'American dream.' And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth."

Additionally, owning a home can set future generations up for success as you pass that wealth down to them. This can help your children and/or grandchildren afford higher education, start a business, or buy their own homes. Moreover, buying a home gives you a strong financial foundation, which positively impacts all aspects of life.

The Non-Financial Benefits of Owning a Home

Owning a home brings forth increased wealth and financial freedom which can lead to a healthier, happier lifestyle. It also provides a sense of community and belonging as homeowners tend to be more invested in their neighborhoods and local initiatives, which can lead to stronger social ties. Additionally, owning a home can provide a greater sense of pride and accomplishment, which positively impacts self-esteem and overall emotionall well-being. Furthermore, owning a home allows you to establish roots and create memories in a place you can call your own. Mark Flemming, Chief Economist for First Amerian, believes that homeownership has a significant impact on individuals, not just financially, but also on a social and emotional level:

"...buying a home is not just a financial decision. It's also a lifestyle decision."

Home isn't just a place where we live, it also provides us with feelings of achievement and responsibility. Our home is a reflection of our efforts and hard work towards achieving something meaningful. It is a place where we create memories, build relationships, and grow as individuals. For instance, when we buy or rent a house, it gives us a sense of accomplishment that we have achieved something signficant in life. Similarly, when we take care of our homes by cleaning, organizing, and mataining its upkeep, it instills a sense of responsibility within us. We take pride in the positive energies we create in our homes, which not only benefits us, but also those who visit us. Moreover, our homes provide us with a sense of security, comfort, and belongingness, creating a positive impact on our mental and emotional well-being. In short, our home is an essential aspect of our lives that shapes our personnality while providing us with a sense of achievement, responsibility, and more.

3by30 is a platform that aims to help homeowners achieve their financial goals by empowering them with knowledge and tools to make wise investments. They also recognize the numerous non-financial benefits of owning a home that can greatly improve the quality of life for individuals and families. In fact, 3by30 has identified the top non-financial benefits that homeowners enjoy most:

  • Homeownership provides individuals with more freedom and control over their living space. When you owna home, you have the flexibility to make changes, upgrades, or alterations without needing approval or seeking permission from a landlord. You can paint the walls any color, install new appliances, or even expand the size of your living area according to your personal preferences. Owning a home provides you with the opportunity to create a space that reflects your own unique personality and lifestyle.

  • Homeownership is often considered one of the most significant life achievements, and provides you with a greater sense of pride and accomplishment than any other possession. It enables you to to invest in your future and build equity over time. You know that you have a place to call your own, and rest assured that the rent won't suddenly increase, or that the landlord will demand you to leave at the end of your lease term. Homeownership gives you a greater sense of pride by allowing you to create a home that is uniquely yours.

  • Owning a home is much more than just having shelter, as it provides numerous opportunities for socialization and community engagement. As a homeowner, you become invested in your community and take pride in your neighborhood. This often leads to increased involvement in local events and activities, building relationships with neighbors, and forming new friendships with other homeowners. For instance, homeowners can participate in events like block parties, neighborhood clean-up days, holiday celebrations, and other community gatherings. Additionally, homeowners are more likely to volunteer their time and resources for local charities and causes. By getting involved in community activities, homeowners establish a sense of belonging and become part of a supportive network with others who share similar values.

The opportunities to connect with others and engage in various community activities can be highly beneficial, particularly for those who are new to an area. As a result, owning a home can help facilitate personal growth and develop a strong sense of community spirit, making homeownership not just a financial investment, but a way to invest in one's overall well-being. Overall, owning a home provides numerous benefits beyond financial gain, making it a worthwhile investment.

What Does Freedom Mean To You?

If you're looking for greater freedom, homeownership is the key to helping you achieve that dream. Owning your own house provides a sense of freedom that renting cannot match. As a homeowner, you have the freedom to make improvements, decorate, and renovate as you see fit. This level of control over your own living space can be incredibly empowering and rewarding. It can provide substantial financial benefits unlike renting, which offers no return on investments. With regular monthly mortgage payments, the amount you owe decreases, while the value of your home typically increases with the market. This means that if you eventually decide to sell, you could potentially make a significant profit. Furthermore, owning a home can also have positive effects on your community. Homeowners tend to take more pride in their neighborhoods, making them safer and more desirable places to live. By investing in homeownership, you are not only investing in yourself, but also in the greater good of your community. Overall, owning a home can be a powerful tool in building more freedom and prosperity in your life, as it provides a potential for massive financial independence.

With mortgage rates and home prices continuing to climb, buying a home in today's market can be a daunting prospect. However, for those who are up for the challenge, the rewards can be substantial. Owning a home provides stability, security, and a sense of pride that is hard to replicate in other forms of investment. Moreover, with interest rates still historically low, these are still opportunities to secure affordable financing, even if rates have spiked in recent years. While the path to homeownership isn't an easy one, it is well worth the effort for those who are looking. Wehther seeking a starter home or a forever home, investing in real estate is a proven method for building wealth over time. Buying a home can be a long and often exhausting process, but when the time is right, it can offer incredible benefits. While the home buying journey may feel daunting at times, it's essential to keep in mind the rewards that are waiting for you at the end of the process. With patience, persistence, and the help of a knowledgeable real estate agent, you can find the perfect home that meets your needs and offers incredible benefits for many years to come. As a homeowner, you'll have a place that is yours to grow your wealth and investment. Owning a home means building equity over time as you pay off your mortgage and the value of your property increases. This can be an important part of your financial future, particularly when it comes to retirement planning.

Homeownership provides stability and security, allowing you to put down roots and create a sense of belonging in your community. It's a place you can truly call your own, wher eyou can personalize your own space to your liking and enjoy feeling a sense of pride in ownership. Owning a home also allows you to enjoy privacy benefits, such as having your own backyard, and the freedom to make alterations without worrying about landlord restrictions. As claimed by the National Association of REALTORS® Research Group, owning a home offers a variety of benefits that can enhance your quality of life, financial, stability, and overall sense of happiness:

"Research has consistently showed that homeownership is associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth."

As experienced by many Americans, buying a home is a powerful and life-changing decision, one that represents the culmination of years of hard work, sacrifice, and planning. Homeownership offers stability, security, and a sense of belonging for individuals and families alike. It can also be a key part of the long-term financial plan for many Americans, providing a valuable asset that can appreciate over time and offer a plan towards building equity. Additionally, owning a home can have a ripple effect on a community by creating a sense of pride and investment among residents, ultimately contributing to local economic growth. Despite the many challenges and complexities involved in the home-buying process, the rewards can be signficantly life-changing for those committed to achieving this important milestone. Ultimately, buying a home is not just an investment, but an investment in oneself and one's future. So while the road ahead may seem steep, don't let that discourage your from pursuing your dream of owning a home. With patience, perseverance, and a little bit of luck, you may just find that the rewards are well worth the effort..

If you've been dreaming of owning your own home, there's no time like the present to start making that dream a reality. With interest rates remaining low and a strong housing market, now is a great time to start the process of finding and buying your own home. As a real estate professional, I'm here to help guide you through every step of the process. From determining your budget and finding the right neighborhood to negotiating offers and closing the deal, I'll be your trusted partner every step of the way. With my expertise and dedication, we can work together to make your dream of homeownership a reality this year. Don't wait any longer - let's connect today to get started!



Brien, D. (2022). American Perspectives on Homeownership, Real Estate Investing, Renting, and the Economy. Mynd Consumer Insights Report 2022. Retrieved on May 8, 2023 from

FirstAM Editor. (2021, October 22). The REconomy PodcastTM: What is the Fed Signaling on Interest Rates? First American. Retrieved on May 8, 2023 from

Hardwick, M. (2022, August 3). 3 Ways Homeownership Can Build Wealth. Forbes. Retrieved May 8, 2023 from

Holzhauer, B. (2023, February 27). Here's the Average Net Worth of Homeowners and Renters: The Average Net Worth of Homeowners Compared to Renters is Vastly Different. CNBC. Retrieved May 8, 2023 from

National Associationof REALTORS® Research Group. (2022). Snapshot of Race and Home Buying in America. National Association of REALTORS®. Retrieved on May 8, 2023 from

National Housing Conference. (2023). Homeownership 101: Benefits of Homeownership. 3By30. Retrieved on May 8, 2023 from


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