The title of this blog is the advice given in a book of financial wisdom, The Richest Man in Babylon, written by George S. Clason in 1930. The book has become a classic having sold over 2 million copies in 26 languages. The advice is just as important today as it was when written almost a century ago. And, it is comforting to know we still realize how important homeownership is.
Two different surveys released last week show that homeownership is still part of the American Dream.Trulia’s American Dream Survey
The survey looked at how Americans feel about homeownership. They found:- 70% of Americans still view homeownership as being part of their American Dream.
- 78% say their homes are the best investment they ever made.
- 88% of 18-34 year old renters aspire to be homeowners.
“Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare. In fact, we’re seeing a national resurgence of buyer and seller activity on Trulia.com,” said Pete Flint, CEO of Trulia.
“During the housing bubble, the American Dream of homeownership was beyond reach for many young adults. Stuck with student loans and entry-level jobs, many had resigned themselves to being lifelong renters. But the tide is changing – Millennials are now today’s most serious homebuyers,” says Tara-Nicholle Nelson, Consumer Educator for Trulia.
CB Real Estate First-Time Homebuyers Survey
This reported concentrated on what first home buyers experienced in the purchase process. It was somewhat surprising to find that:- 67% said the market allowed them to buy a home sooner than expected
- 50% said they found a home in a more desirable neighborhood than expected
- 61% were able to get the home at a better price than expected
- 40% got more space than expected
- 43% locked in a lower interest rate than expected
