![94% Say Owning a Home Is Part of the American Dream, 51% Fear They Never Will [New LendingTree Study]](https://realtytimes.com/images/k2/a475219072facfc135e5222a8d58d51d.jpg)
Owning a home has long been considered the quintessential American dream, but the path to those white picket fences is far from smooth. Although 84% of Americans say they’d like to own a home one day, 51% who don’t own today worry they’ll never get there.
We asked 2,000 U.S. consumers about their homeownership dreams, fears and challenges — here’s what we found.
- An overwhelming 94% of consumers say owning a home is part of the American dream — even if only 84% say it’s part of their dream.
- 51% of respondents who don’t own a home say they’re worried they never will. Among those who want to own one day, 49% say they can’t afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership.
- Of the 84% who’d rather own a home than rent, nearly 3 in 5 (59%) say they like the flexibility to do whatever they want with the space — 58% say they value not having to worry about renewing a lease.
- Among the 16% who say they prefer to rent, 42% like not being responsible for maintenance or repair costs — 37% say it’s simply more affordable to rent.
- Home maintenance and repair costs are the top reasons homeowners dislike owning, at 36%; property taxes (35%) are a close second. Among renters, 30% say the worst part about their current situation is the unexpected rent increases, followed by having to deal with a landlord (22%).
You can check out our full report here: https://www.lendingtree.com/home/mortgage/homeownership-dreams-survey/
LendingTree's Senior Economist, Jacob Channel, had this to say:
"There’s no getting around how tough buying a home can be in today’s high-interest rates and high-price housing market. As tough as it may seem, those who want to buy but can’t afford to right now should try to keep hope. The more time you give yourself to do things like save for a down payment and work on your credit score, the more likely you’ll be able to buy one day.”
