Inventory remains frozen: Last month, existing home sales fell to their lowest level since October 2010. The average price of a home rose from $319,000 in January 2019 to $487,000 by October 2023, according to the U.S. homeownership rate stands at 66 percent, down 2 percentage points from the second quarter of 2022, when it reached a 15-year peak. ![]() “Is the American Dream morphing? I do think that it’s especially difficult to become a homeowner right now, both because of high home prices and high interest rates.” “Buying a house is exceptionally difficult,” said Andra Ghent, professor of finance at the University of Utah. Today, as inflation declines from a 40-year-high and interest rates remain at their steepest levels in decades, such ownership is now increasingly out of reach for millions of first-time buyers. The term emerged 92 years ago, at the nadir of the Great Depression, when the historian James Truslow Adams defined the American Dream as “that dream of a land in which life should be better and richer and fuller for everyone.”Īs for how it’s been applied since, well, that’s another story.īetween the 1930s and the 2008 Global Financial Crisis, the American Dream became inextricably linked to single-family home ownership. Illustration: Eduardo Luzzattiįirst of all, the American Dream is much younger than the nation itself. There are many culprits behind the shift. ![]() ![]() The American Dream of owning a single family home is changing.
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