by Lex Shan
The cornerstone of the American dream
Owning your own home has historically been seen as one of the main lifetime achievements of Americans. This perception is accurate for Americans of all ages and ethnicities that make this great nation.
The most recent data reveals that 66% of Americans live in homes they own. That is impressive compared to other rich countries such as Germany (49.5%) and Denmark (59.2% – 2021).
The goal of owning a home is deeply entrenched in American culture. A recent study shows that 78% of Americans associate homeownership with “the American dream” and that 65% believe owning a house is the better way to build intergenerational wealth.
Dreams change, too
But as I have explored in previous blog posts, as the demography of the country changes and the way we work also do, the thinking about owning vs. renting is shifting too.
Real estate is not just an economic decision but a lifestyle choice. Resources like the Rent vs. Buy calculator help you start grasping the “hard” financial fundamentals of the decision-making process. In addition, The Cal Agents can set you on the path to actual homeownership. We even have a Real Estate education program you can join for free to help you in that life-changing process. During the class, we will go over how much down payment is adequate, how to budget for a down payment, and what types of homes are suitable for you, and we will even go over what the different lenders can offer and what types of programs are available to you.
Soft, but no less important
The lifestyle part of the decision might seem “soft,” but it is nonetheless essential. Some of the questions you need to ask yourself are
- How large a family do you want to have?
- How important (or not) is it for you to be a part of a community?
- Is your job remote, or do you need a stable residence physically close to it?
- Do you have the time and inclination for home maintenance and repairs?
Dreams are unique
We are all unique. Every family is different. I have assembled a team of professionals to listen to your “hard” and “soft” situations regarding your renting vs. buying decision. Whatever shape or form your American dream takes, we are here to help you achieve it.
