Building on yesterday’s post regarding the growing homeownership rate of millennials, I wonder: how much do Americans today feel they deserve to be able to own a home? It is one thing to make a choice to buy a property, it is another to feel that the economic and social conditions render this difficult or impossible. Here are several factors complicating this issue:

-For at least one hundred years, American leaders and residents and cultural narratives have held up homeownership as an important marker of success.

–American policies have also helped make homeownership possible. It is not just that people wanted to own homes; the American system helped make this possible.

–Homes are a primary driver of wealth. If Americans feel they cannot purchase a home, they are missing out on this wealth-building instrument.

–Homeownership is often viewed more favorably than renting. To own suggests stability and involvement in the community. To rent suggests transience and lack of financial resources.

-There is an expectation that younger or upcoming generations will able to achieve more than previous generations. This is part of the American Dream and tied to homeownership: shouldn’t younger Americans have bigger and better housing options?

The American social contract includes a house. Many Americans expect they should be able to purchase a home. I would guess that Americans and the American structures will continue to pursue and promote homeownership, even when it might be difficult. A big change might require a significant event or a steady long-term process moving toward different housing preferences and possibilities.