Matthew Gardner posted an excellent article on the blog Neighborly News about the state of the American dream of home ownership. Mr. Gardner discusses how it appears the dream is not dead, but is actually being reinvented through more realistic expectations. He sites Karl Case’s article A Dream House After All. Mr. Case’s opinion piece examines how the dream of owning a home, if based on the reality of needing a place to live and a stable investment through it’s tax incentives, is alive and well in America. It appears the dream is stronger in those regions not as hard hit with unemployment (like Western Washington), which is understandable.
Home ownership does offer several solid bonuses. Interest rates are historically low right now. The interest on a mortgage is tax deductible. Home prices are more affordable than they were a few years ago. How do these practical benefits shape your personal vision of buying a home? Have your expectations of the American Dream been reinvented?