Nearly 8 out of 10 Americans consider owning a home part of the American Dream, according to a home ownership survey by First National Bank of Omaha.
Additionally, the survey found 59 percent of respondents consider home ownership essential to raising a family, and 71 percent view home ownership as a more of a financial investment than as a financial liability.
“While owning a home certainly carries significant costs, the tradition of home ownership remains overall strong and a vital part of America,” First National Bank of Omaha Executive Vice President Jerry O’Flanagan said in a release. “Our survey reveals insight on the extent to which Americans value home ownership and the extent to which homeowners are happy with their decision. The caveat, however, is that owning a home requires a lot of smart planning and weighing of financial options.”
First National polled 1,068 people across the country. Its survey found 94 percent of homeowners said they were happy they decided to become a homeowner; 79 percent of non-homeowners plan on one day owning a home; 68 percent of homeowners have remaining mortgage debt; and 55 percent of non-homeowners are concerned their credit will prevent them from being approved for a mortgage.
Seventy-three percent of millennials consider home ownership part of the “American Dream,” compared with 84 percent of baby boomers and 81 percent of GenXers.