Housing News

The American Dream is Alive: Younger Americans Want to Become Homeowners for This Big Reason

Most Americans still hope to achieve the American Dream of homeownership, despite affordability and other challenges.

Homeownership is a goal for nearly two-thirds of folks, 64%, surveyed recently by Realtor.com. About half said that owning your own home is necessary to build long-term wealth, according to the survey.

(The Realtor.com report was based on a survey of more than 2,200 people conducted between Nov. 7 and Nov. 8, 2024.)

“While current conditions around affordability and the availability of homes make ownership more challenging, many Americans still see that ideal of having a home that belongs to them as a key cornerstone of achieving both the American Dream and creating long-term wealth for themselves and their families,” said Laura Eddy, vice president of research and insights at Realtor.com.

Most Americans believe they will become homeowners

Despite high home prices and mortgage rates, more than half of Americans believe they will be able to achieve homeownership.

Nearly two-thirds of baby boomers are confident that they can purchase homes. Boomers have an advantage in that they were in the workforce and able to save money for decades longer than younger generations.

However, millennials are also optimistic. About 57% think they can make homeownership a reality, followed by 55% of Generation X.

Even Generation Z plans to buy homes. About 54% expect to become homeowners.

That’s even with the median home list price at $402,502 in December, according to Realtor.com data. That’s down about 2% year-over-year, but up about 34% over the last five years.

Younger Americans see homeownership as key to building wealth

Many Americans hope to purchase homes to build wealth.

More than half of millennials, 53%, and Generation Z, 52%, think that homeownership is critical to build wealth over the long term.

That’s higher than Generation X, at 48%, and baby boomers, at 45%.

“Home, and land, ownership has been a part of the American Dream for generations,” Eddy said in a statement.