M
any Americans still believe that owning a home is an essential part of the American Dream. A recent survey by Realtor.com found that 75% of U.S. adults consider homeownership to be a key component of this ideal. The association between homeownership and the American Dream was strongest among Baby Boomers, with 84% holding this belief.

    The survey also showed that younger generations, such as Generation X, millennials, and Gen Z, agree but to a lesser degree that owning a home is an important aspect of the American Dream. For example, 74%, 69%, and 67% of these generations respectively reported holding this belief.

    For many Americans, purchasing a home is a life goal. Nearly two-thirds of respondents said that achieving homeownership was a key objective for them. The survey also found that half of American adults believe that becoming a homeowner is essential to achieving long-term wealth.

    Millennials and Gen Z Americans were more likely to hold this belief, with 53% and 52% respectively reporting that they must become a homeowner to achieve long-term wealth. Realtor.com's Vice President of Research and Insights noted that while current conditions make homeownership more challenging, many Americans still see it as a key cornerstone of achieving the American Dream.

    Despite these optimistic views, some Americans are skeptical about their ability to become homeowners. While 59% of respondents believed that personally becoming a homeowner was achievable, 20% disagreed or strongly disagreed with this notion. The median home price in the U.S. has been increasing, with homes selling for $427,670 in December, and more than 1.7 million homes were on the market as of January.