The U.S. population has all sorts of goals. But of all that we strive for in our lives, seems we place the highest priority on owning a home. In recent surveys, three-fourths of respondents said owning a home is “the leading component of the American dream.”
And yet, just about the same percentage of people say housing is too expensive to buy. With each year, it feels like fewer can afford to buy a home. It’s almost like buying a home is a wealthy person’s thing.
Homeownership is still the centerpiece of the American dream, but affordability issues such as high home prices, income that is too low or not being able to afford the down payment and closing costs are holding back nearly 3-in-4 aspiring homeowners.
—Greg McBride, chief financial analyst at Bankrate LLC
You said it, Greg.
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