Homeownership is part of the American Dream for 79%

Owning a home is still very much part of the plan for Americans, including millennials who are often seen as more transient.

A new poll from the First National Bank of Omaha shows that 79% of respondents said that homeownership is part of the American Dream including 73% of Millennials, 81% of Gen-Xers, and 84% of Baby Boomers.

In a further endorsement of the value of homeownership, 59% said that it was essential to raising a family and 71% believe it to be more of a financial investment than a liability.

“While owning a home certainly carries significant costs, the tradition of homeownership remains overall strong and a vital part of America,” said Jerry O’Flanagan, executive vice president, Consumer Banking Group, First National Bank of Omaha. “Our survey reveals insight on the extent to which Americans value homeownership and the extent to which homeowners are happy with their decision. The caveat, however, is that owning a home requires a lot of smart planning and weighing of financial options.”

The survey also revealed that:

• 94% of homeowners say they are happy they decided to become a homeowner;

• 79% of non-homeowners say they plan on one day owning a home;
• 68% of homeowners say they have remaining mortgage debt;
• 55% of non-homeowners say they would like to one day be a homeowner, but are concerned their credit will prevent them from being approved for a mortgage;
• 53% of homeowners say owning and maintaining a home is more expensive than expected.