Is Owning a Home Still the American Dream for Younger Buyers?
What does the American Dream mean to you? There are many diverse definitions, which can vary depending on life goals and experience. A recent survey by Bankrate asked individuals about the achievements they feel most represent the American Dream. For many, homeownership still claims the top spot today (see graph below):
This data reveals that, for many, owning a home holds greater importance than retirement, a successful career, or even a college degree. Is this dream of homeownership still alive for younger generations as well?
It was a prevalent belief that Gen Z and millennials would be the renter generations. A recent survey by 1000watt addressed this assumption by asking how the two generations feel about homeownership. Do younger people want to buy a home in the future? The resounding answer is yes (see graph below):
There are numerous reasons someone might prefer Kansas City homeownership to renting. The same 1000watt survey shows that 63% of Gen Z and millennials’ driving motivation to own is to have a place that feels like “home.”
This emotional draw is further emphasized by the additional reasons why Gen Z and millennials want to become homeowners. While homeownership provides many financial benefits, in most cases, the lifestyle or emotional benefits are just as significant (see graph below):
What Does This Mean for You?
Are you a part of a younger generation and considering Kansas City homeownership? Once you feel ready, willing, and able to buy a home, the Just Say Home real estate team can bring experience and expertise to walk you through this process. These skilled and compassionate real estate experts will help you overcome the current high mortgage rates, low inventory, and rising KC home prices to discover your first home and transform your dream into a reality.
Buying a Kansas City home is a significant and influential decision representing the heart of the American Dream. Working with the Just Say Home real estate experts to find your ideal home is the key to unlocking this dream. This team of qualified agents will use their knowledge of the current Kansas City housing market and abundant experience to help you achieve your goal of homeownership!