Homeownership is key to higher social standing

The share of people who believe that owning their own home is essential to the American Dream remains strong with two thirds saying so

Homeownership is key to higher social standing

The share of people who believe that owning their own home is essential to the American Dream remains strong with two thirds saying so.

A survey by Zillow found that there is a gap on the issue between Republicans (68.7%) and Democrats (65.1%) but across both parties’ voters around two thirds said that homeownership is key to a higher social standing.

"In a time of political division, these survey results remind us of something most Americans share – the sense that owning a home is a big part of living the American Dream," said Zillow Chief Economist Dr. Svenja Gudell. "Home ownership -- and its ability to create wealth, stability, and community – doesn't depend on political affiliation. As we debate the national and local politics surrounding affordability and tax reform, it's worthwhile to pause and remember a value most of us can agree on."

The survey shows a general feeling that homeownership is a good investment and even where becoming an owner is challenging, the belief in its importance is strong.

In Los Angeles, for example, respondents said they would have to wait 3 years to be able to afford to buy a home – the market has surpassed San Francisco as America’s least affordable market. However, 72% said that homeownership is necessary to achieve the American Dream. That’s the highest percentage among the large metros surveyed.

Las Vegas residents are still struggling from the impact of the financial crisis with home values more than 23% below their peak during the housing bubble. Even so, 67% say the American Dream requires homeownership.


Agree that owning a home is necessary
to live The American Dream

Metropolitan Area

Democrat

Republican

Atlanta, GA

67.3%

66.2%

Boston, MA

62.2%

66.5%

Chicago, IL

64.7%

56.7%

Dallas-Fort Worth, TX

64.9%

62.4%

Denver, CO

60.3%

66.4%

Detroit, MI

64.9%

67.0%

Las Vegas, NV

69.5%

64.3%

Los Angeles-Long Beach-Anaheim, CA

69.1%

76.0%

Miami-Fort Lauderdale, FL

73.9%

72.2%

Minneapolis-St Paul, MN

52.6%

63.4%

New York, NY

64.6%

72.1%

Philadelphia, PA

61.7%

75.8%

Phoenix, AZ

71.9%

70.6%

San Diego, CA

64.3%

66.0%

San Francisco, CA

69.4%

75.2%

San Jose, CA

67.5%

71.8%

Seattle, WA

60.4%

68.7%

St. Louis, MO

62.5%

68.7%

Tampa, FL

66.1%

68.2%

United States

65.1%

68.7%

Washington, DC

63.4%

76.9%