SEATTLE–Millennials don’t connect to home ownership any longer?
That assumption is being challenged by a new survey from Zillow that found Millennials, along with non-whites, make the strongest association between owning a home and the American dream.
Zillow reported that its Housing Confidence Index poll found that 65% of 18-34 year olds agree with the connection between homeownership and achieving the American dream. The survey, which is broken down along generational and racial demographics, found that nearly 70% of Hispanics also have the expectation of homeownership.
Broken down by metropolitan areas, Millennials in Los Angeles-Long Beach-Anaheim agreed the most (86.9%) with the homeownership/American dream association, while that demographic agreed the least in Philadelphia (44%). The next of the four generational groups surveyed that supported the association were 65 and older, roughly the Millennials' grandparents, at 63.9%. People 50-64 agreed the least (56.9%), according to Zillow.
The Zillow survey also found that among Asian respondents, 64% agreed with the association between homeownership and the American dream, followed by 63% of black respondents. White respondents showed the least agreement at 57.6%.
The cities and regions with the greatest agreement among Hispanics were Detroit (87.5%) and among Asians Chicago (82.9%), while the highest percentage of black respondents were in Minneapolis-St. Paul (77.4%) and of white respondents Los Angeles-Long Beach-Anaheim (64.2%).