Is home ownership still the classic American dream?
This full-page ad from the Sept. 21, 1953 Lorain Journal made the case that buying a home in Lorain was a worthy and obtainable goal. It notes, "Home ownership is the key to your lasting happiness. Ask any of the thousands of Lorain's home owners about the greater sense of security that they enjoy. See for yourself the terrific amount of money you save when you own a home of your own. Right now you can buy more value, convenience and security than at any time in the past."
The ad was sponsored by the Lorain County Builders - Contractors Association and includes a roll call of contractors with many well-known names listed, including R. S. Shinski, Anthony J. Murello and Vladimir Nickoloff.
But is home ownership going down or up?
I naturally assumed that the trend would show it going down – but I was wrong. According to census.gov, "The U.S. homeownership rate in 2022 was even higher than before the COVID-19 pandemic – 68% compared to 64.6% in 2019 – a rebound driven largely by those age 44 and younger, according to the Census Bureau's Current Population Survey/Housing Vacancy Survey."
I'm not sure how the current high interest rates and inflation will affect things, but it is encouraging that younger households are still striving to get into their own home – and accomplishing that goal.
I know that after getting married late in the 1980s, we were determined to get into a house, and only spent a couple years in an apartment. Like many, we had a 'starter house' – one that needed some work. But it was a good way to get used to home ownership (as well as learn how to fall asleep with the burden of a 30-year mortgage dominating your thoughts).
But I never built a house, and I still feel a little bad about it. My parents were given their first house (by Dad's grandfather) and they built two new homes – one on W. 30th Street in the 1950s and the one on Skyline Drive about ten years later.
But I like my condo, and even though it's the equivalent of a critter moving into another's one's nest (or hole, if you prefer), it suits me fine.