You can probably guess my answer to this question, based on my other writings. I believe home-ownership makes it harder to predict one’s expenses on an ongoing basis, but writer Daniel Indiviglio makes a different set of arguments in this article from The Atlantic.
He asserts that home ownership is made attractive by the tax incentives given by the Federal Government, however it fails three tests required for “The American Dream”
- Capability: Everyone is not capable of affording to own their own home.
- Versatility: Everyone will not desire to own a home, and he gives an example of this.
- Essentialness: Owning a home is not essential to everyone’s happiness as, say, freedom of speech is.
I believe that defining the American Dream without “home-ownership” takes a lot of pressure off young professionals and entrepreneurs today who cannot afford a home. It is a sign of the times, but not evidence that such people are not participating in the American Dream. Just my opinion. What’s yours?