SEATTLE – Nov. 10, 2017 – Homeownership is an American value that transcends political parties, according to the latest biannual Zillow Housing Aspirations Report. It found that 68.7 percent of Republicans and 65.1 percent of Democrats consider homeownership essential to living the American Dream.
In the survey, 73 percent of self-identified Republicans and Democrats agreed that homeownership is key to a higher social status, and that owning a home increases someone's standing in the local community.
Many issues have a distinct political divide, but the majority of Republicans and Democrats agree on the value of homeownership.
"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 Zillow Chief Economist Dr. Svenja Gudell. "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."
According to the survey, most Americans agree that buying a home is part of the American Dream, and it's also a good financial decision in markets that are regularly setting record-high prices as well as those that have yet to recover from the housing crash.
Los Angeles is one of the least affordable housing markets in the country, and nearly half of the survey respondents expect they will have to wait at least three years to buy a home. However, Los Angeles residents are more likely than residents of other large metropolitan areas to say that owning a home is necessary to live the American Dream, with 72 percent of respondents agreeing with the statement.
In Las Vegas, home values are still 23.3 percent below the peak values set during the housing bubble, and 15.9 percent of homeowners are underwater on their mortgages. Despite this, 67 percent of Las Vegas respondents agree that homeownership is essential to the American Dream.
Republicans and Democrats both tend to think that homeownership offers advantages beyond financial benefits. The majority of respondents to the survey view owning a home as better for raising a family, making ties within the community and overall quality of life, regardless of their local housing market.
© 2017 Florida Realtors
