The American Dream of Home Ownership

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America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to obtain the American dream.

To achieve the American dream is a great accomplishment that requires financial adequacy. Due to financial insufficiencies, owning a home can be difficult, if not impossible for many individuals of lower income. Economic fluctuations often cause inconsistency in housing prices and availability.3 The price of a home correlates to the cost and availability of materials, needed manpower and the duration of construction. These logistical obstacles need to be overcome if the American dream is to be attained by the majority.4 To engineer a faster, more cost effective means of production is a challenge, but for the solution to be well designed and well crafted is a far greater task.

Efforts to confront this issue were initiated by affects of World War II. Before the war, the Great Depression devastated the United States of America causing production of homes to stop. World War II soon followed and the country switched into productions for war, which also caused a halt i...

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...rum.16 The economy has suffered greatly as a result in the sudden decrease in the housing market. In 1989, the existing home sales abruptly

dropped 10.9% causing the home market to suffer. Individuals who have subprime mortgagees to finance these less expensive homes are often times forced into foreclosure due to substantial rate changes. In affect, the economy faces acontinuing negative cycle of subprime delinquencies that result in tighter credit and lower home prices.17 A worsening of the American housing market will negatively affect the consumers confidence while at the same time worsening the American economy.18

Economic troubles can be prevented through access to affordable and adequate housing that is within the means of an individual’s income. With advances in production and design, the American Dream can become a feasible reality for all Americans.

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