New Reason why Homeownership Equals ‘the American Dream”
For many Costa Mesa residents, “The American Dream” is often loosely thought of as synonymous with homeownership, even though a number of other attributes probably deserve equal consideration. Another strong contender is the rags-to-riches stories where hard work and creativity (and usually a goodly dose of luck) result in fame and fortune.
That it’s peculiarly an American dream is more than a myth: it’s an observation that’s demonstrated staying power over time. Notions have to be based on more than a grain of truth to last long in the popular mind. Perhaps it’s peculiarly American because of our particular mix of social and economic mobility—not to mention the considerable physical mobility that makes moving from one community or state to another easily accomplished. Americans move an average of 11 times per lifetime—Europeans, 4.
When you think about it, equating the American Dream with Costa Mesa homeownership is probably more of a marker than a definition of the concept itself. If becoming a billionaire were the equivalent of achieving that dream, so few would qualify that it would seem all but unobtainable. But 200 million Americans are members of homeowning families, which makes sharing in the dream eminently doable.
Recently, in a blog from First American Financial’s Dr. Mark Fleming on the likely effects of the end of the CARES Act moratorium, one surprising statistic emerged. As of late May, only about 2 million homeowners remained in the forbearance plans designed to help homeowners weather the pandemic. Yet, at the same time, “…more than 10 million renters are behind on their payments.”
That’s startling. Roughly two-thirds of American households are homeowners, and one-third are renters—yet five times as many renters are still struggling. The reasons for that disparity may be subject to speculation—but it’s one current reason why so much common wisdom still supports the notion that achieving the American Dream coincides with owning your home.
One of the best parts of my profession is seeing Costa Mesa residents secure their place in that dream! The next time you consider buying or selling your Costa Mesa house or condo, we hope you’ll give us a call.
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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