Owning your own home was a trend perpetuated by Nixon during his time in office, around the ‘white flight’ and ‘urban sprawl’ era around the 1950s and ’60s. This dream of homeownership was something to be proud of, and has encouraged further enchantment of the purchase, so much as to set a status quo of bigger and shinier as ‘better’. In reality, this may not be the case. Buying a bigger home comes with more household cleaning and maintenance or repair tasks, as well as higher property taxes and insurance rates.
Though, the greatest form of generational wealth in the US comes from real estate; while a high effect of generational poverty also correlates with the status of ‘renter’. After WWII, soldiers were given GI Bills, and thus allowed to put that towards houses, many of which may still be passed down in the family today. But, these policies were not as great as they seemed, for only white soldiers were given the GI Bills; this racial inequality persists today.
Renting may not be all bad though, because it means you have the freedom to move, and live a nomadic life, if you please. Our generation, X, has actually been called the nomadic generation, because many of us do not recognize or fulfill this ‘dream’ any longer. Rather, in our globalized society we have traveled and learned of other cultures. We dream of building new lives elsewhere. Often, those of us who can afford a ‘higher’ education end up falling into more perilous financial situations at future times when paying back our student debt. In the end though, we recognize the benefits of habitual freedom. Growing up our generation witnessed the crash of an entire, obviously unstable, economic system where, in the past decade, many families lost their homes; income inequality growing deeper and deeper. We were witnesses of this forced migration into a nomadic culture immersed in a very idealized, static society.
What does this mean then…”American” dreams really do come true? I’ll sit this one out…