The Dream Still Pivots Around Owning A Home
New data from Coldwell Banker sheds light on the state of homeownership and how housing affordability is reshaping family life, the economy, and the pursuit of major life milestones
The old adage “first comes love, then comes marriage, and then comes baby in the baby carriage” doesn’t hold water anymore. Now, a new survey from Coldwell Banker finds, first comes the house and then the rest follows in no particular order.
“Americans are timing major life milestones, like starting a family, launching a business, or changing jobs around the moment they finally get the keys to their own home,” Coldwell Banker in its latest American Dream report.
The survey found that 71% of aspiring homeowners 一 defined as those who don’t currently own a home, but want to someday 一 are delaying major life decisions until they can afford to buy a home and the ripple effect has yet to play out.
“This isn’t just a statistic; it’s a story about how homeownership is the new starting line for adulthood,” the real estate brokerage firm says.
The company wanted to understand how the idea of the American Dream is evolving, and what it discovered was “clear,” it says. “For many, owning a home isn’t just a goal, it’s the foundation for everything else.”
The poll of 885 “aspiring owners” found that 18% are putting off marriage until they own a house, and 18% more are waiting to have children. Seventeen percent of those polled are delaying career changes or even getting a pet, while 15% are waiting to start a business or become self-employed.
For younger generations, the impact is even more pronounced. Some 84% of Gen Zers ages 18–28 are postponing at least one major life decision until they can afford to buy, and 29% are delaying having children.
Despite affordability issues that have been well-publicized, ownership remains at the heart of the American Dream, the survey found.
Some 56% said owning a home represents the American Dream, more than the 41% who said the same for marriage and having children. Thirty-nine percent want to retire by the age of 67, a share that is higher than the 23% who said that earning a college degree is their primary goal.
Even with the challenges that lie before them, 63% still want to buy a place of their own within five years. Among Gen Zers and millennials ages 29–44, the desire to own is more pronounced at 70% and 72%, respectively, and some are finding ways to reach their life’s goal.
Nearly 84% of those polled said they are willing to make concessions to make homebuying possible, like taking on side jobs (42%), buying less ideal homes like fixer-uppers (35%), or moving to more affordable areas (35%). Some 36% have considered co-buying with family, friends, or co-workers, and 11% have moved in with their parents.
Why are they putting homebuying first? In a word, financial security. Two-thirds said they believe buying a home is a smarter long-term financial decision for most people than renting in today’s housing market, and nearly half see investing in real estate as a better way to build wealth than investing in the stock market.
Based on its survey, Coldwell Banker concludes that “the dream of owning a home remains as powerful as ever.”
For this set of respondents, anyway, the company says “homeownership is more than just a place to live, it’s a symbol of stability, independence, and the freedom to move forward with life’s other big decisions.”