The New American Dream: Building Wealth Beyond Homeownership
Owning a home is fine — renting can be too
It’s time we stop fetishizing homeownership.
Homeownership has long been associated with “The American Dream.” I think it’s time we completely disconnect homeownership from living some kind of dream life. Back when most people had a Defined Benefit pension, having a paid-off mortgage meant you probably had a pretty solid life in retirement.
Those were also times when you could afford to buy an average house on an average salary. Those days are gone, and it’s time we move on to a new narrative. To quote Kylo Ren: “Let the past die. Kill it if you have to.”
Instead of associating The American Dream with homeownership. Let’s redefine it as owning enough financial assets to let you provide for your family and eventually make work optional regardless of whether you own or rent your home.
Yes, owning a home can help many people build wealth
Owning a home helps build wealth in four ways.
