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Differences Aside: Homeownership is the American Dream

shutterstock_350899703Amidst political division, there is one value that is shared across the nation—homeownership. According to Zillow’s recently released Housing Aspirations Report, 68.7 percent of Republicans and 65.1 percent of Democrats reported owning a home as a crucial part of living the American Dream.

"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. "Homeownership—and its ability to create wealth, stability, and community—doesn't depend on political affiliation.”

Gudell continued, “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."

Both Republicans and Democrats also agreed that homeownership is a financially sound decision, even in markets that are setting record-high prices and still recovering from the housing collapse, the report noted. In addition, both parties agree on the advantages of homeownership, including raising a family, making ties within a community, and overall quality of life.

Additionally, National homeownership rates are returning from a historical low point following the housing crisis—proving that despite the recession, sentiment toward homeownership remains positive.

Overall, 91 percent of Republicans and 89.6 percent of Democrats reported feeling confident that they will be able to afford to live in their current homes. Although about 40 percent of respondents in the West Coast markets don't plan on buying a home for at least five years.

The report highlighted two major metros—Los Angeles, California and Las Vegas, Nevada. Despite Los Angeles being one of the least affordable markets in the nation, 72 percent of respondents agreed that owning a home is necessary to live the American Dream.

In Las Vegas, 23.3 percent of home values still below peak values set during the housing crash and 15.9 percent of homeowners underwater on their mortgages—67 percent of respondents residing in this metro agreed that homeownership plays a major role to the American Dream.

The Housing Aspirations Report is a semi-annual survey sponsored by Zillow and conducted by IPSOS, surveying 10,000 renters and homeowners in 20 metros across the country about their views on homeownership and their personal housing expectations for the future.

To view the full report, click here.

About Author: Nicole Casperson

Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech's College of Media and Communications. To contact Casperson, e-mail: [email protected].
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