Owning a home is no doubt part of the “American dream.” Yet less than two-thirds of Americans currently do. In fact, the overall rate of homeownership is hovering near a 50-year low, at 63.6%. For minorities, the rates are even lower, coming in at 56.8% (Asian), 46.6% (Hispanic), and 42.7% (African American).
Does this mean that Americans don’t value homeownership anymore?
Not at all. A survey last year by Wells Fargo found that 93 percent of respondents believe homeownership is an achievement to be proud of, and 86 percent say owning a home is a dream come true.