Homeownership has long been a cornerstone of the American Dream, symbolizing stability, prosperity, and success. Despite shifting economic landscapes and evolving
societal values, recent data reveals that this aspiration remains deeply embedded in the national psyche.

A recent survey from Realtor.com® underscores this sentiment, with nearly two-thirds of Americans (64%) identifying homeownership as one of their life goals. Furthermore, half of those surveyed believe that owning a home is essential for achieving long-term wealth.

Laura Eddy, VP of Research and Insights at Realtor.com®, highlights the historical significance of this ideal: “Home, and land, ownership has been a part of the American
Dream for generations. While current conditions around affordability and availability make ownership more challenging, many Americans still see having a home as a cornerstone of achieving the American Dream and creating long-term wealth.” While 75% of Americans view homeownership as integral to the American Dream, this belief varies across generations. Baby boomers are the most steadfast, with 84% affirming the importance of owning a home. Among Gen X, 74% share this sentiment, followed by Millennials at 69% and Gen Z at 67%.

Despite these generational nuances, the desire to own a home remains strong, particularly among Millennials (69%) and Gen Z (70%), who are more likely to identify homeownership as a life goal compared to Gen X (62%) and baby boomers (59%). This enthusiasm among younger generations is notable, as they navigate an era marked by rising home prices and limited inventory. And Millennials, Gen Zers and Gen Xers have to start somewhere. Recent tight inventories and elevated interest rates put homeownership nearly out of reach for first time homeowners. The starter home looked like a fading dream.

John Hunt, a principal in MarketNsight, notes that, “Historically, Americans moved from apartment to small home to larger houses and built wealth along the way” but “we have stopped the conveyor belt.” In short, the inventory scarcity and squeeze on prices has shut out not only those wanting to downsize, but the Millennials and “Gens” ready to become homeowners.

Recent data shows, however, that this this market group has overcome the phobia of taking the ownership dive as evidenced by findings that a majority of Americans (59%) believe homeownership is achievable for them.

Baby boomers, perhaps bolstered by life experience and accumulated resources, are the most confident (63%). Millennials follow closely at 57%, while Gen X and Gen Z express slightly lower confidence at 55% and 54%, respectively. Even so, this optimism suggests that the dream of owning a home is alive and well across all age groups. The median age of homebuyers reached an all-time high of 56 in 2024, according to the National Association of Realtors®. For repeat buyers, the median age is even higher, at 61. This trend indicates that many Americans are finding pathways to homeownership later in life, a shift that may be influenced by changing economic conditions and personal priorities.

But more than that, owning a home is not just about achieving a personal milestone; it is also widely regarded as a critical tool for building long-term wealth. Beyond providing shelter, a home represents security, a sense of belonging, and a tangible investment in not only the community but in the future as well. As younger generations aspire to achieve this milestone, their optimism and determination signal that homeownership will remain a vital component of the American Dream for years to come.

Jump starting the conveyor belt of apartment to starter home to larger home is key to not only personal wealth growth but that of the nation as well. And all generations today are participating. So, whether you’re a Boomer, Millennial, Gen Xer, or Gen Zer go buy that house!

Gary Wisenbaker (gary@realtyadvisorsga.com) is a REALTOR® at Century 21 Realty Advisors and can be reached at (912)713-2553 and gary50155@gmail.com.