Though today’s housing market presents a challenge for many hopeful homeowners, a recent Realtor.com® survey reveals that owning a home is still a life goal for many Americans. Roughly two-thirds of Americans have the goal of owning a home and nearly as many (59%) feel that homeownership is achievable for them. Notably, half of all respondents believe that homeownership is necessary to achieve long-term wealth.
The vast majority (75%) of all respondents believe that homeownership is part of the American dream. Older generations hold this belief more firmly with 84% of boomers and 74% of Gen X including homeownership in the American dream. The majority of millennials (69%) and Gen Z (61%) agree, but clearly less firmly.
However, millennials (69%) and Gen Z (70%) still overwhelmingly hold homeownership as a life goal, perhaps because they own homes at a lower rate.
Interestingly, according to the latest National Association of Big gaming® 2024 Profile of Buyers and Sellers, the median age of buyers reached a new high of 56 years in 2024. First-time buying age and repeat buying age also reached new highs of 38 and 61 years, respectively. This shift toward older homebuyers is likely a reflection of the extra confidence in older generations. It also stems from a housing market where high costs stemming from high home prices and mortgage rates advantage repeat buyers and those with larger down payments and higher incomes, who tend to be older.
Baby boomers feel the most confident generationally that homeownership is achievable for them (63%), followed by millennials (57%), Gen X (55%), and Gen Z (54%). Importantly, more than half of respondents in each generation do feel homeownership is achievable, a generally positive outlook.
Data suggests that homeownership is indeed still achievable in the U.S., and homeowning becomes more common as households age. A recent Realtor.com report, Best Markets for First-Time Homebuyers, points to areas that offer the best options for new buyers.
In addition to homeownership comprising an important part of the American dream, Americans also see it as an integral part of building long-term wealth. This is especially true for younger generations. More than half of millennials (53%) and Gen Z (52%) hold this belief, followed by 48% of Gen X and 45% of boomers.
Methodology
The Realtor.com® poll was conducted Nov. 7–8, 2024, among a national sample of 2201 Adults aged 18+. The survey was conducted online, and the data was weighted to approximate a target sample of adults in the U.S. based on gender, educational attainment, age, race, and region.