By: Aaron Terrazas at Zillow Research
The idyllic, picket-fenced, detached, single-family home in the suburbs remains a mainstream standard of what home ownership should look like. But around the edges, the image of the ideal American home is beginning to evolve, if only slightly. Especially for younger Americans.
A decade after the 2008 housing crash and subsequent financial crisis, the draw of home ownership remains powerful for Americans of all ages, according to the most recent Zillow Housing Aspirations Report.
Roughly two-thirds (64 percent) of Americans in 20 metros agreed that owning a home is a “key to a higher social status” and “necessary to live The American Dream.” Even more (70 percent) agreed that home ownership “increases your standing in the local community.”
Almost all respondents (94 percent) said that if money were no object, they would own their home – and the feeling is widespread across the country. At least 90 percent of respondents from each of the 20 metros surveyed said they would own a home if money were no object. But there are some subtle shifts among younger adults:
Of course, given that the U.S. home ownership rate is currently around 64 percent, money is clearly an object for many would-be homeowners that are currently renting.
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