Homeownership remains the No. 1 accomplishment of achieving the American dream, according to the 2017 Hearth State of the American Dream Report, based on a survey of 2,000 Americans.
The consumers surveyed said the most important elements of the American dream are:
1. Owning a home I love (19%)
2. Affording rent and living expenses without hardship (15%)
3. Starting a family (14%)
4. Finding a fulfilling career (14%)
5. Sending my child to college (10%)
6. Building retirement savings (9%)
7. Being able to afford luxuries (7%)
8. Owning a car (5%)
9. Earning more than my parents (social mobility) (3%)
10. Owning a pet (2%)
However, Americans fear that portions of their American dream may be slipping away, according to the survey conducted by Hearth, a startup that helps homeowners make financial decisions during renovations. Fewer than one in five Americans surveyed said they are fulfilling their American dream. Eighteen percent said they are fully living the American dream, while 36 percent said they are living only parts of it and 28 percent said it’s within reach.
Forty-nine percent of millennials surveyed who were renting their home said that owning a home was crucial to them. Ninety-four percent of the millennials surveyed said that homeownership is important to achieving the American dream, and 55 percent said owning a home they love is “very important.”
Ninety-seven percent of homeowners surveyed believed renovations are an important part to the American dream. Fifty-five percent of homeowners said owning a home they love is crucial, but only 3 percent believe they could achieve an American dream home without a renovation, according to the survey.
Overall, the top three U.S. states for consumers who say they are living the full American dream are Wyoming (40 percent), Delaware (38 percent), and Colorado (36 percent).
This article was contributed to The Log by the National Association of Realtors.