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Is the American Dream Alive or Dead?

American flag to show the American DreamDoes the American Dream mean owning a home?

What is the American Dream? A recent study showed that 53% of those asked believed owning a home is central to the American Dream while 18% thought it was the most important part. While that dream has drawn millions of people to our shores, where did the idea and the term come from? It all started back in 1931 with a book by historian James Truslow Adams called Epic of America.

“The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability and achievement,” Adams wrote. “…a dream of motor cars and high wages merely, but a dream of a social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.”

We’ve all heard the news that today’s high-interest rates and lack of inventory are threatening the American Dream. In fact, homeownership has been declining in the United States for several years now, peaking in 2004 at 69.2%. But that doesn’t mean the end of the American Dream.

The many benefits of homeownership are worthy of meeting today’s challenges head-on. Home ownership is an attractive long-term investment that builds equity over time. Homeowners reap many tax and other financial benefits such as capital gains exclusions, to name a few. Then there’s pride in ownership that you can customize and renovate any way you want. Plus there are many social benefits to staying put for a long period of time.

The bottom line: owning a home is a big part of the American Dream because living in America provides us with choices, chances, and possibilities that people who live in other parts of the world don’t have. Let’s celebrate the American Dream!

I hope this information about the American Dream has inspired you to appreciate what you have and where you live. If you live in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities and are considering a move, please call me at 805.886.9378 or email me at Cristal@montecito-estate.com. I’ll happily add your home to my portfolio of fine homes while simultaneously finding you a new home in the area. Now that’s something to dream about!

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