Millennials, Non-whites are Dreaming of Homeownership

The American Dream is the idea that every U.S. citizen should have an equal opportunity to achieve success and prosperity through hard work, determination, and initiative, but there are some that associate this dream with owning a home.

Zillow's Housing Confidence Index found that millennials and their grandparents and people of color are most likely to associate homeownership with the American Dream. Of the millennials, or those ages 18 to 34 years old, 65 percent said that homeownership and the American Dream go hand-in-hand, more than any other generation. Meanwhile, those age 65 and older noted that homeownership is necessary for the good life and the American Dream.

The index also pointed out that non-whites (people of color) were more likely to place homeownership as an important part of the American Dream, Zillow reported. Seventy percent of Hispanics indicated that owning a home is a large part of the American Dream, while 64 percent of Asians and 63 percent of blacks said the same. Only 60 percent of whites said homeownership was a necessary part of the American Dream.

"The American Dream is really about opportunity, which means a lot of things to a lot of different people. For young Americans and Americans of color, the opportunity to own a home is a big part of that dream," said Zillow Chief Economist Dr. Svenja Gudell. "It's often assumed that homeownership holds little interest for these groups, or that they may feel the challenges in achieving homeownership aren't worth the benefits. But that's simply not true, and their optimism and determination today will be hugely important to the stability and growth of the housing market tomorrow. These Americans represent the next generation of U.S. homeowners, and for homeownership to eventually become a reality, it has to start as a dream."

Millennials and non-whites told MReport how homeownership plays an important role in their American Dream.

Lenna Myles, a 26-year-old renter and accountant in Houston, Texas, said, "Homeownership is definitely something that I desire to have in the next few years. It is certainly a dream of mine and I would associate it with the infamous 'American Dream.' As my own rent continues to increase, the idea of owning a home is becoming much more a viable option."

"When I think of the American Dream, I immediately think about owning a home and car, starting a family, and advancing in my career, "said Fredrick Young, a 27-year-old renter and corrections officer in Pensacola, Florida. "Although I have already done two of these three things, I have yet to purchase a home, but trust me, I expect to bring this dream to reality soon."

Jasmine Jamison, a 24-year-old homeowner and math teacher in Tampa, Florida, said, "I bought my home about six months ago with my husband and it was probably the most exciting thing I have ever done. This was my American Dream and something that I have always desired. The process was not easy by any means, but I could not be happier to be settled at such a young age."

Click here to view Zillow's full report.