Owning a home used to be a large part of the American Dream. Homeownership was considered a point of personal pride, signalling that you’ve achieved something that everyone in the US wants. It still demonstrates the same thing, that you are able to own a home, but nowadays the reasons are far more practical than simply pride.
In 2021, 43% of first-time homebuyers cited pride of ownership as the reason to buy. In 2022, though, this plummetted all the way down to 0%. Instead, investments took the #1 spot at 51%, though this was still important last year at 34%. Replacing that spot is reducing housing costs at 38% in 2022, a similar reason to 2021’s #3 spot, saving money, at 15%. Added to the 2022 list is social pressure at 11%.