Despite the lingering impacts of the housing bust, the dream of owning a home is still alive and well, especially among younger Americans, a new poll shows.
Nearly seven in 10 Americans between the ages of 18 and 29 don't currently own a home, but plan to make the big purchase within the next 10 years, according to Gallup. Less than 10 percent of respondents in that age group said they have no plans to buy a home in the future.
Among older generations, the vast majority plan to stay put as homeowners with 58 percent of current homeowners between the ages of 30 and 49, 71 percent of Americans 50 to 64, and 69 percent of those older than 65 saying they plan to continuing owning a home for the foreseeable future.
Thanks to rampant foreclosures in markets across the country, homeownership fell from close to 70 percent of all Americans in 2004 to about 61 percent today. Still, more than 80 percent of Americans overall say they'll continue being homeowners or plan to purchase a home in the next 10 years.
"These results certainly suggest that the 'American Dream' of owning a home is still very much alive, and that the real estate industry should expect a continuing demand for homeownership in the years ahead," Gallup noted.
Not surprisingly, income was a major predictor of homeownership. Three-quarters of those who make more than $75,000 per year own a home and continue to do so, while just 36 percent of those making less than $29,999 said they would. But lower incomes did not necessarily shy away from the dream.. About 40 percent of Americans who make less than 20,000 and don't currently own a home said they plan on purchasing a residence in the next 10 years.
"These results align with the finding that the primary reasons why Americans don't own a home are financial and not a more practical decision that renting is the better way to go," the poll said.