Survey shows only 10 % of Americans see homeownership as achievable
Only 10 per cent of Americans believe homeownership is easy to achieve, despite 89 per cent seeing it as essential or important to their future, according to a recent Wall Street Journal/NORC poll conducted in July.
The survey revealed a gap between Americans’ desires and expectations regarding long-term economic goals, including financial security and a comfortable retirement, which are also seen as difficult to achieve.
Twelve years ago, a Public Religion Research Institute poll found more than half of respondents believed the American dream “still holds.” Today, only about a third say it is achievable.
Economists agree with the sentiment, noting that younger generations are being priced out of homeownership due to rising housing costs and student debt.
Vice President Kamala Harris has addressed the issue by unveiling a plan to provide more young Americans with homeownership opportunities. Her strategy includes building three million new housing units, offering tax incentives to homebuilders selling to first-time buyers, and cracking down on corporate landlords buying up housing.
The Wall Street Journal/NORC survey was conducted from June 26 to July 8, 2024, among 1,502 adults, with a margin of error of 3.3 percentage points.
