The American Dream of Homeownership Eludes Many as Renting Becomes More Attractive

Owning a home has long been part of the American Dream. But in the country's 250th year, many Americans feel the goal, a milestone of adulthood and a marker of financial success, eludes them. Homeownership is something many people still aspire to. More than half (58%) of respondents said they'd need to own a home to feel they'd achieved the American Dream, according to a CNBC and SurveyMonkey American Dream Pulse Survey, second only to reaching financial stability. But housing prices, borrowing costs and homeownership expenses are high. While homeowners can still build long-term wealth through their properties, experts say amassing equity can take longer today than it did for buyers in previous decades, given higher expenses and decelerating home value appreciation in today's market conditions. What's more, renting is now cheaper than owning in every large metro in the country, according to a January LendingTree analysis of Census data. But the decision is increasingly swayed by more than the immediate costs: Over roughly the last decade, a growing share of people also say it's more convenient or flexible to rent, it's less financially risky, and they prefer it, for the short- or long-term. ... (Full article content truncated for brevity, available upon request) ...