Homeownership and the American Dream

Journal Article

Homeownership and the American Dream

Abstract

We take a detailed look at US homeownership from three different perspectives: 1) an international perspective, comparing US homeownership rates with those of other nations; 2) a demographic perspective, examining the correlation between changes in the US homeownership rate between 1985 and 2015 and factors like age, race/ethnicity, education, family status, and income; 3) and, a financial benefits perspective, which compares the internal rate of return to homeownership to other investments. Our overall conclusion: homeownership is a valuable institution. While two past policies may have put too much faith in the benefits of homeownership, the pendulum seems to have swung too far the other way, and many now may have too little faith in homeownership as part of the American Dream.

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