How do you define your American Dream? For many, owning a home has been considered a key facet of the American Dream and a true achievement of U.S. citizenship since the United States was first founded.
In 1776, immigrants were so inspired by the opportunity to own a piece of property they could call their own that they battled extreme weather elements, illness, and wars to establish a home that could be passed down to future generations.
Today, the desire of settling down in a permanent residence is still very much alive. A recent survey illustrates that 78% of Americans still equate homeownership with the American Dream. At Ownify, we understand the desires of the next generation of homeowners and the challenges they face coming into the market. First-time buyers represented just one in four of all homebuyers in the year ending June 2022, down 34% from the year before and the lowest in the NAR survey’s 41-year history. Ownify’s mission makes it possible for first-time homebuyers to purchase the home of their dreams with no mortgage involved, just as their ancestors were once able to do. With only a 2% down payment required, achieving the American Dream of homeownership may be more achievable than you once thought. Here’s what you can look forward to:
At Ownify, we recognize that the goal of homeownership tugs at both the head and the heart. The American Dream is described as “the ideal by which equality of opportunity is available to every American, allowing the highest aspirations and goals to be achieved.” Owning a home represents one of those “highest aspirations and goals” because it is a permanent, tangible asset that can appreciate in value over time. When you buy a home, you are thinking with your head, as this provides a solid financial foundation for the future through gradual building of wealth.
In addition to serving as the smart financial foundation from which wealth is built, some see homeownership as a savings account. Instead of throwing money away in a rent payment every month, they get to put their monthly payment into the equity of their home. With 68% of millennials and Gen Z agreeing that investing in real estate is a smart financial decision, more first-time homebuyers are seeing the long-term benefit of homeownership, and how it is an integral part of achieving their lifetime aspirations, according to Mynd Consumer Insights Report. In fact, the difference between homeowners and renters reveals a significant difference in net worth, as U.S. homeowners had a medium net worth of $255,000 as compared to renters’ net worth of $6,300, according to the Federal Reserve’s Survey of Consumer Finances.
Home ownership is much more than a sensible investment – it is about building family, stability, and security. These foundations are the fibers of our human nature and the leading reason why we seek to settle into a permanent home. Letting instincts and human nature lead us into the decision to buy a home goes back to what we mentioned earlier about thinking with the heart, in addition to the head.
There’s certainly a deeply emotional side to the decision of purchasing a home. Early American settlers dreamed about homesteading and building a legacy for future generations. When homebuyers purchase their first home and gain equity, they have the opportunity to pass that property down to future generations, providing a tangible piece of family history and memories that can be cherished.
Achieving a legacy through homeownership captures the highest aspirations and goals within the American Dream. It provides a sense of identity and helps pass down values, beliefs, and traditions in addition to physical assets. Positive family legacy contributes to building a strong family reputation and lasting impact in the surrounding community. When receiving the keys to a new home, most homebuyers are unaware of exactly how much this single moment impacts future generations for the better.
When a buyer purchases a home, they are not just investing in their own wealth, but in the health of the overall community. As a result, a sense of greater responsibility for the well-being of the area is met and maintained. Homeownership is known to boost the educational performance of children in local schools, induce higher participation in civic and volunteering activity, improve healthcare outcomes, lower crime rates, and lessen welfare dependency.
By owning a home, you are joining an open-armed community of others who have signed onto their American Dream. With the help of the group in the neighborhood, homeowners are able to come together with shared interests and help each other when needs arise. The phrase “stronger together” has never been more powerful than when joining a group of fellow homeowners.
Since the signing of the Declaration of Independence, freedom has been a core pillar of the American Dream.The ability for individuals to leave their childhood home and blaze their own trail is one of the highest achievements. And yet, many people dreaming about buying their first home are facing the toughest market in a generation, forcing 67% of millennials and Gen-Z to continue living with their parents. With the housing market challenges, the average age of first-time homebuyers has increased to a record high of 36 years, up from 33 years one year ago and from 30 years in 2010.
That’s why at Ownify, we reimagined the path to homeownership for the next generation of homebuyers, because independence and financial freedom should be attainable to anyone of any age. There’s an unlimited amount of freedom in being able to decorate your home to your tastes, making it feel like home. There’s freedom in knowing there is no landlord that has control over raising rent or kicking you out on a whim. These are the basic freedoms and peace of mind that everyone should enjoy – also known as the unalienable right to the pursuit of happiness in the Declaration of Independence. It’s not a privilege, it’s a right, and everyone should have the right to enjoy it. That’s what the “equality of opportunity” really stands for in the definition of the American Dream.
At Ownify, we are passionate about helping first-time homebuyers achieve their American Dream. We help provide equal opportunity for first-time homebuyers to buy the home of their dreams with a cash offer and only 2% down. When buying a home with Ownify, you own equity the day you move in, and build more wealth every month. There is no better time to bring your American Dream to life than now, with a team who’s passionate about helping individuals and families do just that. Learn more about how to get started on achieving your American Dream.
©2023 Ownify, Inc. All rights reserved. Chris Smith is CPO and Founder of Ownify, Inc.