CHAPTER 2 Owning vs. Renting
Owning your own home might be one of the defining qualities of the "American Dream:" the ideals that include opportunity for prosperity and success and upward social mobility for the family and children, achieved through hard work.
Homeownership is indeed ingrained as one of the strongest representations of that vision—66% of Americans own their own home and more hope they will or wish they did. Homeownership resonates deeply with Americans, evoking feelings of financial security, permanency, status, and pride. Lifestyle choices play a significant role in the decision to own or rent. Homeownership often aligns with household formation, such as marriage and growing a family. It's interesting to note that for the millennial generation, owning a home is usually motivated by the desire to provide a stable environment for their pets. The U.S. homeownership rate has fluctuated between 62% and 70% since the 1950s. Most young people begin their independent lives renting an apartment, maximizing lifestyle flexibility and minimizing the hefty upfront costs of purchasing a home. As they build careers, save money, and start families, many buy a house, recognizing that home ownership, as opposed to rental living, is 24
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