J Barrett & Company LLC
The Militello Team

*Pictured Above – Mark Twain’s home in Hartford, Connecticut. 

The famous quote by Mark Twain
in the title of this article can be used to describe home ownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

A story in the Wall Street Journal gave these new home ownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost home ownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on home ownership…However, it looks like it takes more to discourage Americans from buying a house than that.
As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in home ownership was also evidenced in a recent survey by Pew Research. They asked consumers:

“How important is home ownership to achieving the American Dream?”

The results:

43% said home ownership was essential to the American Dream

48% said home ownership was important to the American Dream

Only 9% said it was not important

Bottom Line

Home ownership has been, is and will always be a crucial element of the American Dream.  If home ownership is one of your dreams, contact us today.  The Militello Team has been selling real estate North of Boston in Essex County on the North Shore for over 40 years!  Put our experience to work for you!


978.815.3877 - Joseph
978.500.1480 - Kathleen
Vice President / Realtor

Source:  Keeping Current Matters

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