Homeownership has long been considered a crucial part of achieving the American Dream, and according to a recent survey by ReportLinker owning a property still ranks in the top five among what life events American’s prioritize, though this ranking fell one notch from last year. The survey reveals that homeownership ranked behind achieving academic goals, getting married, and reaching career goals.
However, when it comes to long-term financial objectives, homeownership ranked No. 1, with 54 percent of respondents claiming that owning a home is the most important financial goal, and 81 percent of respondents say that homeownership is the best long-term investment as well, according to the report.
American’s may want to become homeowners, but with challenges stemming from the 2008 recession, higher prices, and lack of inventory, homeownership might not be feasible, so ReportLinker’s survey asked the same respondents what their current home arrangement is.
The results discovered that 31 percent of homeowners own with a mortgage, while 15 percent own their home without a mortgage. In addition, 28 percent of respondents rent from a private landlord, and 15 percent of respondents live with family or friends for free.
Once the American Dream is fulfilled, what are homeowners willing to spend extra money on?
ReportLink discovers that 42 percent of American’s cite maintenance and repair as a top priority, “with those 35 and older mentioning it 45 percent of the time,” according to the survey. Following comes the desire to remodel for comfort at 21 percent, remodel for better style at 19 percent, and energy conservation at 16 percent.