Is The American Dream of Homeownership Still Alive?

Ptrulia Is the American Dream of homeownership still alive? YES, BUT the road to becoming a homeowner will be long according to Trulia's American Dream Survey (Fall 2011) Homeownership Remains Central to the American Dream 70% 0% of Americans say owning a home is part of their personal American Dream - a sentiment that remains high across all age groups 66% GO 65% Generation X (35-44 year olds) Millennials (18-34 year olds) RETIREMENT COUNTDOWN 11 years left 76% Baby Boomers, About to or 74% Baby Boomers, Pre-Retirement Already Retired (55+ year old) (45-54 year olds) Optimistic Signs of Long-term Housing Demand 70% 0% of current homeowners plan to buy another home in the future In fact, 57% say owning a home is one of the best long-term investments they personally can make Owning a home 57% Putting money away in a 401K or other retirement account 52% 29% Purchasing mutual funds Buying gold 26% Investing in the stock market 25% Buying government bonds 15% Keeping cash under the mattress 11% Other 8% 59% of current renters aspire to own their FOR own homes RENT In the short-term, the road to homeownership is long and filled with many obstacles.... Among current renters who wish to buy a home at this time, these are the biggest hurdles that they face DANGER ZONE Saving enough for a down 51% payment Qualifying for a mortgage 36% Having a poor credit history 34% Unable to pay off existing debt 31% Not having a stable job 29% Declining home values 13% Other 12% Source: Based on the findings from Trulia's biannual American Dream survey, which was conducted by Harris Interactive on August 30 - September 1, 2011.