Next on the list are those 65 and older, essentially the Millennials’ grandparents who support the association, at 63.9 percent, followed by people 50-64 who agree the least at 56.9 percent. As MHProNews understands, it may be the last group who were the most affected by the foreclosures and turn down in the housing market.
Racially, the survey discovered that 64 percent of Asian respondents make the association between homeownership and the American Dream, followed by 63 percent of black respondents, and whites with the least agreement at 57.6 percent.
Surveying 10,000 renters and homeowners across the country, research and consulting firm Pulsenomics did not exactly define “American Dream,” but did indicate homeownership is “integral” to the American Dream.
“The American dream is really about opportunity, which means a lot of things to a lot of different people,” Svenja Gudell, chief economist at Zillow, said in the release. “For young Americans and Americans of color, the opportunity to own a home is a big part of that dream.”
However, despite Millennials optimism, only 46 percent of the renters among them were confident in their ability to own a home. That number was 50 percent just six months ago. Zillow points out this age group has rented longer than previous generations as home prices rise faster than wages.
Terry Loebs, founder of Pulsenomics, said housing confidence has risen in every metro area survey the past two years. “Amidst turbulent financial markets and unsettling election year politics, confidence in the U.S. housing market has proven resilient in recent months, even as investor confidence, business confidence and consumer economic sentiment have wavered,” he said. ##
(Image credit: fotosearch–the American Dream of homeownership)
