A recent article about the economic struggles of millennials describes the American Dream this way:

Central to the pitch of the American Dream is a house. Homeownership, the traditional thinking goes, is the surest way to build wealth. Save up for a down payment, buy a starter home, and definitely don’t spend too long throwing money away on rent.

That dream has become more fantasy in the Covid-era economy.

The first sentence describes a longstanding sentiment: Americans want a house.

The second sentence goes a different direction. Buying a house is about making money. This might be in addition to other reasons for buying a home including: the status of owning a home; enjoying the home; maintaining and improving a piece of private property; and being a part of the community.

This short section highlights a larger shift in how Americans view homes. With the increase in housing values, more people view homes as a significant investment. They expect to make money on their homes. They plan to live in their homes for a while and experience profits when they sell. They make a home a part of their portfolio. And if different groups do not have as much access as homeownership to others, then wealth disparities exist and could grow.