Homeownership And The American Dream: Can You Have One Without The Other?

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March 02, 2016

What is the ideal version of the American Dream? Sitting hearthside, a dog at your feet, a hearty dinner roasting in the oven, and a couple of kids? Does it matter if the dog, the dinner, and the kids are all contained within a house? Or will an apartment do?

According to Zillow, for many Hispanics, 70 percent to be exact, owning a home is an integral aspect of the American dream. Asians, blacks, nor whites felt as strongly as Hispanics that owning a home was necessary to “live the good life.” 64 percent (Asian), 63 percent (black), and 60 percent (white) of respondents in those groups said home ownership was necessary to achieve the American Dream.

Hispanics were also more likely to say you are more likely to succeed if you work hard, a college degree is necessary to be successful in the U.S., and the future of their children is brighter than it was for them.

Half of all adult Hispanics are immigrants and the immigrant experience is a large part of who they are. And since the government and many trade associations promote homeownership as a part of the American Dream, that type of thinking sticks with these immigrants, who not only see homeownership as critical, but also achievable.

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