Consumers Still Value Homeownership as a Path to Wealth and Achieving the American Dream

Consumers Still Value Homeownership as a Path to Wealth and Achieving the American Dream Updated 24 May 2023 While rising interest rates and lack of affordability have dampened housing market activity, consumers remain enthusiastic about purchasing a home as a pathway to building wealth and achieving an important life milestone. [...] Consumers, despite the convulsions of the housing market both during and after the pandemic, still believe owning a home is a pivotal aspect of adulthood and a clear avenue toward wealth creation. [...] The slide in homebuying and purchases of big-ticket items that accompany home purchases appears to be a function of the significant rise in interest rates, not a general shift away from the goal of homeownership. [...] Amid the extreme volatility in the housing market over the last few years it is not 2 Consumers Still Value Homeownership as a Path to Wealth and Achieving the ConferenceBoard.org American Dream Amid the extreme volatility in the housing market over the last few years it is not surprising that a survey of 2000 consumers conducted in February 2023 by The Conference Board revealed muted responses co. [...] 4 Consumers Still Value Homeownership as a Path to Wealth and Achieving the ConferenceBoard.org American Dream One final eye-catching observation was the notable share of consumers—30 to 40 percent by race/ethnicity—who anticipated a housing crash that would hobble the US economy.