Report: American Dream Incomplete Without Homeownership, Parties Say
In the country's currently divisive environment, Democrats and Republicans agree on at least one American hallmark: homeownership.
Approximately 65 percent of Democrats and roughly 68 percent of Republicans surveyed for the Zillow® Housing Aspirations Report believe the American Dream is not complete without homeownership. According to the report, both parties believe homeownership is ideal for community relationships and raising a family, and promotes quality of life. Both also believe it "increases standing in the local community" and is "key to a higher social status."
Additionally, both sides believe they can afford their home for as long as they would like to live in it (91 percent of Republicans and 89.6 percent of Democrats), even as prices reach—and, in some areas, shatter—records. According to the latest Zillow Real Estate Market Report, home prices increased 6.9 percent year-over-year nationally.
The ability to afford their current home for the long term, however, means more are staying put. Forty percent of Democrat and Republican respondents on the West Coast—containing double-digit growth in many markets—do not plan to buy a home for at least five years, if at all, the report reveals.
"In a time of political division, these survey results remind us of something most Americans share: the sense that owning a home is a big part of living the American Dream," says Dr. Svenja Gudell, chief economist at Zillow. "Homeownership—and its ability to create wealth, stability, and community—doesn't depend on political affiliation. As we debate the national and local politics surrounding affordability and tax reform, it's worthwhile to pause and remember a value most of us can agree on."