The American Dream

Despite this fact, home ownership in the economic and social landscape of today is a big responsibility. Economically, most millennial most likely cannot afford to own their own home. A mortgage is a much larger payment than rent for an apartment. Similarly, owning a home means paying for gas, electric, water and furniture to fill a house; this also includes any grounds upkeep depending on the home’s location and property taxes. Socially, Millennials seem to be straying away from owning a home because it

One factor causing Millennials to delay home ownership is the fact that going to college has become the normal and encouraged route for people to take. However, the cost of going to college is higher than ever causing many students to take out enormous loans. This student debt is an economic burden for millennials to carry which leads them to feel that they are not financially able to own a home. Paying off loans becomes a higher priority than having a place to call their own. Millennials are also marrying later than prior

Homeownership is a double-edged sword. It is the “American Dream” to one day own a house. Compared to their predecessors, Millennials are seeing the advantages and disadvantages of homeownership at an earlier age.  These early generations believed owning a house was the cherry-on-top to being an all-around American and achieving the “American Dream”. As a cynical generation who grew up with information at our fingertips and the world falling around us, millennials see homeownership differently. “The cautious and conservative approach to home buying displayed by millennials is driven by the fact their outlook on life was shaped by a number of bad things when they were young—the terrorist attack on the World Trade Center in 2001, the 2008 financial crisis, the housing bust with mass foreclosures and a weak recovery that has so far provided incomes below that of prior generations” (Stowe England, 36). We learned that the world was not fair and that it is time to redefine the “American Dream” to reflect our current economic society.

Although the idea of one day owning land that is your very own is quite appealing, most Millennials these days would be happy to live out their entire lives in an apartment or condo. The truth of the matter is, the American Dream has changed over the years, no longer can it be defined by owning a house, settling down and having kids. That version of American Dream was once the vision of our great-grandparents and those that came before them. those

Some may wonder if the old version of the American Dream (owning a home, starting a family, etc.) is still alive and well with Millennials in today’s age. With technology and the constant changing of how the world is viewed, it’s hard to say. Or is it? Being a realtor and a Millennial, I can certainly say that the American Dream is still alive and well. In fact, a good part of the Millennial group is starting to get into this dream earlier than their predecessors did. I, myself, bought my first home when I was nineteen years of age. Maybe most aren’t quite that young, but typically I have a slew of clients that are looking to own a home, as opposed to renting, that are of the Millennial age group. You’d be surprised to find that the

Millennials are making decisions based on a number of key factors. Those that are saving for an Emergency Fund realize that it takes time and focus. Forgoing the latte at Starbucks or buying the new iPhone may take decisive determination. But for those with the goal of having at least six months of emergency funds available, it is worth the sacrifice. Secondly, many cannot simply afford the down payment of a home. The required twenty-percent can be daunting and out of reach depending the area of the country one lives in. Career mobility plays a major part in Millennial reluctance to purchase a home as well. With jobs transfers come cross country moves, and owning a home is another reason that may cause some to avoid ownership entirely due to the potential headaches of being a landlord or pressure to sell and make a profit. In addition to an emergency fund, millennials are focused on retirement and 401K contributions and stock market

Like any other generation of Americans before them, Millenials hold dearly the value of owning and buying a home; for us, like any other generation, it is a matter of

The American Dream: Work hard, get your dream career, buy a house with a white picket fence, and start a family. Historically, owning a home has been an essential part of achieving the “American Dream.” Owning a home allows an individual or a family to take pride in their property, allows them to raise a family, and allows them a safe place to grow. Unfortunately, the reality of the housing bust during the Great Recession, with its explosion of foreclosures, has led Millennials to become hesitant about buying a home. Millennials seem to be losing faith in homeownership as a key to prosperity, success, equity, and wealth, and no longer believe their happy ending pertinent to their “American Dream” comprises of buying a home.

Dreams are something one works hard to achieve, but  sometimes it’s impossible for them to come true. People, nature and life in general can get in the way of someone’s dream and makes it harder for them and others to achieve their goals. In the book, Of Mice And Men, the author, John Steinbeck, has many characters whose dreams fail due to the conflict of other characters. For example, when Lennie kills Curley’s Wife, George and Candy’s dream of owning a farm disappears. Steinbeck’s message in his book is that dreams don’t always come true and can fail when it’s least expected. The most pitiable character in the book is George because not only does his dream of owning a farm fail, but he also loses someone he cares dear about.

The answer to the question of whether or not the “American Dream” of owning a home is alive and well among Millenials is a resounding “Yes!”  According to the National Association of Realtors, one consistent finding is that for the last four years homebuyers 36 years and younger is the largest share of homebuyers at 34 percent!  Although Millenials have experienced the “Great Recession,” it evidently has not dampened their enthusiasm for home buying.  It’s possible that the older Millenials may have at first been reluctant and that they have delayed home buying until a little later in life, but they are certainly on board now!

The data showing that millennials have been stagnant to adopt homeownership, I believe, are completely accurate. Many of us were children or teenagers whilst operating through the Great Recession. Watching our parents lose jobs, homes, and wages, continues to be a disappointment to this day. My parents worked hard to provide a stable home, bed, education, and meals for my family- I know this was the same for many others. Growing up, we were always told “if you work hard enough you’ll achieve your goals”, “if you get a well paying job you can provide for your family”, “if you get a job in high-school, you can pay for college”, ect. That was the American Dream, having your hard work paid off, so that you are able to live a comfortable life. Witnessing my parents work hard, have well paying jobs, with good educations, and yet still losing our home, vehicles, and

My fiancée and I are both millennials with opposite views on homeownership. She lived in the same home all her life until college, I moved over 15 times before college. She is excited to buy a home and settle down in a nice town for the rest of her life. I can not imagine ever living somewhere longer than a few years, and the idea of being tied down by owning a home sounds repulsive to me. We are, obviously, on extreme ends of the spectrum, but many millennials fall to one side or the other of this scale. Many fear the permanence of home ownership, with the impermanence of the job market. Many don’t feel like they have enough money to own a home, and many just aren’t ready to settle down and ‘be

The idea of the “American Dream’’ originates from every person who comes from another country seeking a better life. Whether its religious freedom or to have a big house, to be rich, or simply to have the most loving and caring family there could ever be. The idea of having the perfect house, education, a big family, a car for each person in the family, and to not have to worry about your financial position constantly could be the typical cookie cutter notion of the “American Dream.” Everyone's idea of the “American Dream” can vary but with enough hard work and always trying your best, yes anyone can achieve their own version of “The American Dream”.

The above questions are what millennials ask themselves before purchasing a home. A millennial is a person born between the years 1981-1997. My brother Nicholas was born in November 1988. He witnessed firsthand what my parents had to do. They had to leave their dream home. A home they built a short 12 years earlier. A home that housed memories of birthdays and Christmas’s. A home my parents and brother felt safe and secure. A home that was built from years of demanding work and sacrifices made. My seventeen-year-old brother at the time, beginning a new chapter of collegiate life, had to leave his parents at a critical and emotional time. This is when my parents had the challenging task of foreclosing on their home. His own anxieties and wonders were in the forefront of his mind.

In this day and age, we are advancing and changing the traditional routines past generation set for us. Today millennials are trying different turns in the workforce, not starting at the bottom to the top. Because of this empowerment, some get the dream job they work so hard for all the while being in school. With this some say they feel entitled; some say they know their worth. Also, the internet has created a new way for a side hustle, selling things on the internet, making money off YouTube videos, providing driving services, and even creating apps. So why wouldn’t millennials want to own a house, knowing they have income coming in? Could it be they saw their parents face the recession? Could it be they haven’t found their purpose in life? Or could the burden of college debt stop them from purchasing? Maybe they’re waiting until they meet that special someone or possibly owning a home is overrated? All these factors may be the reasons there is a decline in real estate ownership. Therefore, if millennials want to invest in a home, they need to look into the reason why they’re buying the house. See the pros and cons of being a first-time buyer and be a pessimist, not an optimist.