The great American Dream is dying. Even though many Americans still desire to own a home, they are losing faith in homeownership as a key to prosperity.
Nearly two-thirds of Americans, or 64%, believe they are less likely to build wealth by buying a home today than they were 20 or 30 years ago, according to a survey sponsored by non-profit MacArthur Foundation. And nearly 43% said buying a home is no longer a good long-term investment.
"Americans no longer see homeownership as a secure path to building equity and wealth," said Geoff Garin president of Hart Research Associates, which conducted the survey of 1,355 adults.
"That has made them more willing to think fresh about their housing options," he said.
More than half of those surveyed said they had to take on an additional job or work extra hours, stop saving for retirement, accumulate credit card debt or cut back on health care in order to afford their housing payments at least once over the past three years.
"Concern about the housing market is very personal," said Garin.