Time to Rethink the American Dream?
This week, discouraging news was released about new-home sales in May: The number plummeted 33 percent from April. Now that the government-sponsored $8,000 tax credit for new homebuyers has expired, it seems potential purchasers have cooled their heels on what used to be the staple of the American Dream.
Occasional special credits and longstanding “permanent” tax write-offs such as the deduction of mortgage interest have placed an inherent advantage in owning a home versus renting. The mortgage companies and quasigovernmental housing agencies followed suit, marketing their version of the dream to young professionals by dangling carrots of several-hundred-thousand-dollar “starter homes” to young people with starting-salary incomes and no credit.
For years, marketers across a range of industries have relied on homeownership as a key component when promoting that dream. But should we—as marketers and as Americans—be finding out whether homeownership really matters to young people today or even rethinking its viability as a good investment for many people, young and old? Maybe young people are right not to buy. Is that aspect of the American Dream truly a reality—or even desirable—for them? Should it be?
June 25, 2010 | by
Lesley Sillaman | | tagged
Age,
American Dream,
change,
economy,
ttrends |
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