Love's Real Stories

The American Dream came under attack recently. “The Case against Homeownership”, appeared in Time magazine, and fired off comments like, “homeownership has let us down”, and “the dark side of homeownership is now all too apparent.”

The assault escalated: “The relentless promotion of homeownership as the embodiment of the American Dream has outlived its usefulness”, said Robert J. Samuelson of the Washington Post.

It gained momentum: “Homes…behave much more like liabilities than they do assets. The roof breaks…you’ve got to pay insurance, you’ve got to pay taxes. Homeownership is actually bad for the economy. It keeps people stuck in one place and what you need in an economy with high unemployment, is labor mobility”, says Reuters financial columnist Felix Salmon. Sound fishy? Some say it stinks.

“It just plain makes me mad”, says Moe Veissi, President-Elect of the National Association of Realtors. “I’ve read that some of these pundits believe the worth of the home purchase isn’t what it once was and may never be a valuable asset. These brainiacs think buying a house is too much of an anchor on an individual’s or a family’s mobility. Not a long-term valuable asset? Too much of an anchor? What in the heck are these folks smoking? Are they nuts?”

A counterattack is underway. Defenders of the Dream are organizing and gathering forces. They are proclaiming the virtues and rewards of owning a home, and they have plenty of ammunition.

“Homeownership is still part of the American Dream,” says columnist and political analyst Donna Brazile. “Despite the economic downturn, homeownership today still represents a family’s primary means of financial advancement. In addition to the tax benefits that owning a home provides, a home is also a protection against inflation, and most importantly, a form of forced savings.”

“We’re living in a cynical time,” Brazile says. “Americans are cynical about the economy, government, and about their children’s prospects for the future. The one thing Americans aren’t cynical about is the promise of the American Dream and of homeownership’s role in that dream.”

The fight is being taken to the streets with the “Homeownership Matters” national bus tour, sponsored primarily by the National Association of Realtors. They’re taking on all challengers, lashing out with declarations of fact: “Owning a home is one of the best ways to build long-term wealth. Homeowners have stable housing costs, are free to redecorate and renovate, and can typically deduct mortgage interest and property taxes on their income tax returns. 67 percent of American households are owner-occupied. Homeowners pay 80 to 90 percent of all individual federal income taxes. Every home purchased pumps $60,000 into the local economy for furniture, improvements, repairs, and related items. Nearly 80 percent of Americans believe that buying a house makes good financial sense.”

Columnists and editors across the nation have joined the cause. Newspapers, websites and magazines including USA Today, Trulia, the San Francisco Chronicle, the New York Times, and the Pittsburgh Post-Gazette, have launched campaigns heralding the long-term benefits of homeownership.

Look out, dreambusters. It looks like you may have awakened the sleeping giant.