The Importance Of Homeownership Decline In America

Jim Cullen’s The American Dream talks a lot about upward mobility. Upward mobility is the cornerstone of the American Dream. Without upward mobility there is no American Dream. Throughout the whole book you can tell that he believes the American Dream is attainable. He also talks about equality. He talks about how equality was necessary for the American Dream because it allows Americans to have the same opportunities. Cullen also mentions owning a home. Owning a home plays a big part in the American Dream than you may think it does. When people think of the American Dream, people will always talk about owning a home.

Most people assume the American dream is about achieving the nostalgic ideal of 1950s family life—Dad in charge of the household, Mom always looking pretty, and their children happily obedient and affectionate. The belief that success means living in a suburban home with a nuclear family causes many Americans to disparage any lifestyle that departs from this false image of family life. In truth, the suburbs are full of dysfunctional families and overdeveloped housing tracts. Many people in America cannot afford to buy a home, and most families do not fit the fifties-era ideal. Nonetheless, the media and advertisers continue to promote the delusion of the American dream, and consumers continue to spend their money in hope of achieving it. However,

After the dream moved on from home ownership, it turned into a need for the latest products. Middle class Americans, however, did not have enough money to purchase the new trend. In 1950, the first credit card was introduced and as time went on it became more popular than ever. Americans were thrilled with the idea of owning everything they could imagine without having the money to do so; however, many people racked up a large amount of debt. In addition to the debt, America faced a mortgage crisis in the early 2000’s. The American Dream came crashing down for many and their once happy lives were now full of stress, yet they believed there was hope for a better life.

For many years, the idea that ones’ home being the largest investment was said as a complete sentence when in fact, it was only an incomplete sentence. Any duly licensed financial planner would finish that sentence by saying all investments are subject to market conditions, the value that investment could increase or decrease and other similar cautionary statements that their attorneys wrote to protect them. The American public only heard that their home was the largest investment and had never experienced, nor had their parents seen the value of their personal homes drop like they did in the past few years. They had never experienced the financial pain and although only a few years have passed, many have forgotten and are ready to jump right back into homeownership.

The housing crisis of the late 2000s rocked the economy and changed the landscape of the real estate business for years to come. Decades of people purchasing houses unfordable houses and properties with lenient loans policies led to a collective housing bubble. When the banking system faltered and the economy wilted, interest rates were raised, mortgages increased, and people lost their jobs amidst the chaos. This all culminated in tens of thousands of American losing their houses to foreclosures and short sales, as they could no longer afford the mortgage payments on their homes. The United States entered a recession and homeownership no longer appeared to be a feasible goal as many questioned whether the country could continue to support a middle-class. Former home owners became renters and in some cases homeless as the American Dream was delayed with no foreseeable return. While the future of the economy looked bleak, conditions gradually improved. American citizens regained their jobs, the United States government bailed out the banking industry, and regulations were put in place to deter such events as the mortgage crash from ever taking place again. The path to homeowner ship has been forever altered, as loans in general are now more difficult to acquire and can be accompanied by a substantial down payment.

The American Dream, an idea of what it truly means to be an American in some respects. For many, it is the idea of starting from nothing and making something to look back on in your later years and be proud of what you’ve done. For many in the generations before the millennial generation, the ideal was to graduate college, get married, get a house, and raise a family. For many millennials, this has changed with one key difference. That difference is the importance of having their own house. This was brought about by many factors including the economy, political ideology, and sustainability.

In previous years homeownership is was what people in the United States showed pride in, up until recent years after the fall in the market economy. The current homeownership in the United States have declined significantly since the years have passed and is now the lowest it has been in decades. Even though the housing market has been improving over the years in the United States, and the increasing homeownership rate is a worthwhile policy goal for America, home ownership still continue to decline.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

A spacious home filled with two kids and a beautiful wife in the middle of a suburban utopia. Two cars sit in the driveway, both less than a few years old. A fully stocked refrigerator and pantry sit quietly in a modernized kitchen. Your bank statements reflect a healthy savings, with more being added to it each month. A secure white collar job provides the benefits and flexibility to take a quarterly vacation. When people are asked to envision the ‘American Dream’ this is what you might expect to hear or imagine yourself. America has become the land of opportunity, where this dream is just a few quick signatures away. For many this dream was once very attainable, but over the past 40 years as cost of living and education has increased and average

The American dream is all about stability. Owning a home, having a well-paying job, a yearly vacation and children are stages of the American dream. Above all of them, owning a house is the most important because that means one is secure and stable. My auntie, Evelyn, had reached the biggest stage of the American dream: owning a house. After hearing the good news my family and I planned to visit her and see the new house, but it was too late before we got see her new house: the value of her house dramatically decrease and my auntie was forsaken. So, she decided to let the bank take her house instead of making the house payments. Just like my auntie, Evelyn, many American families were affected by the financial crisis in 2007-2008. Although the financial crisis was a horrific experience, there are some positive aspects.

The American dream is sought after by so many people within the United States. Many people spend an entire life time trying to build that dream and prepare for their retirement. The economic growth within the United States and our American government plays a big part in our future. In the past ten years, the American government has been on a roller-coaster with its housing market. The housing market started to go through a big decline in 2007; construction was falling at an all-time high. From 2000 to 2006 there were around 1.5 million homes that were built each and every year to replace the ones that were in disrepair. If the market was to keep the trend of 1.5 million homes

Owning a home is emblematic of the “American Dream”. Unfortunately for many Americans, especially Millennials who are entering or have entered the job market, the thought of owning a home still remains a dream. Our unstable job market and fragile economy has made this aspect of the “American Dream” quite difficult, and many Millennials are more content with landing their dream job than owning a home. The wealth gap between the rich and the poor has prevented the poor from attaining the Dream since the Dream has always been within the grasp of those well off. In our modern society, the same unfortunately is true.

Sixty- three percent of Americans believe they live the american dream, according to a recent report, up from fifty- nine percent in 2011.(Dickler). Some Americans credit hard work and determination with reaching their american dream. Today most people have believed the american dream is about wealth. Financial well being is all well and good, but a decent job with good pay, a decent home, and a good education can also make up an american dream.”When it comes to getting ahead, more people than ever think it is their own talent and hard work,” noted Joseph McCanon. “ There is a belief it’s on you as an individual to make it happen.” The pressure of Finance is american homes though, have put people down and taken away their belief in the american dream. In this “Modern America” the economic struggles have put plenty of pressure on American people. The job market is down, people can barely afford retirement. The american dream is alive, but is only attainable through hard work and determination. These times people live in today that is not always possible, but there is always an opportunity to move forward with the american

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Homeownership is a double-edged sword. It is the “American Dream” to one day own a house. Compared to their predecessors, Millennials are seeing the advantages and disadvantages of homeownership at an earlier age.  These early generations believed owning a house was the cherry-on-top to being an all-around American and achieving the “American Dream”. As a cynical generation who grew up with information at our fingertips and the world falling around us, millennials see homeownership differently. “The cautious and conservative approach to home buying displayed by millennials is driven by the fact their outlook on life was shaped by a number of bad things when they were young—the terrorist attack on the World Trade Center in 2001, the 2008 financial crisis, the housing bust with mass foreclosures and a weak recovery that has so far provided incomes below that of prior generations” (Stowe England, 36). We learned that the world was not fair and that it is time to redefine the “American Dream” to reflect our current economic society.