I think the real American Dream is to have enough cash to own your home, a few cars, and be able to educate your children without ever having to think about money in a significant way.

But a lot of people look at that, and instead accept a debt-riddled facsimile, built on a 30 year mortgage, a HELOC and a lot of ad-hoc emergency loans.

I don't believe homeownership is the American dream. A home is a place you live in to create memories with your family. That can happen anywhere even if you don't own the house. But I think it signifies the ability to be successful and the opportunity to have a choice. Owning a home implies that you have made a somewhat permanent choice to live where you want and in a house you want. Since homeownership often is one of the largest purchases one makes - hence the association with the American dream.

What really gets me is that real estate agents don't understand why I don't have an emotional connection with the house I am trying to purchase. I don't get why that's so important. It's a financial transaction, bottom line. Sure I like the place; otherwise, I would not have put in an offer. It's assumed that it's an emotional transaction because it's the American dream. So on the one hand, you got a whole lot of real estate agents who want to help one achieve this dream and want to reinforce it. On the other hand, you get the general public who do things just because it is "something you do as an adult." Then this American dream lives on. These two side enable each other and they may not even realize it.

Depending on one's background, the American dream can really vary. I came to the US from Asia when I was little and it was way cool to grow up in a society where freedom of speech and individuality are valued. It's even better to be able to step out of the stereotype of who I was supposed to be and be who I want to be. That is an American dream for me. So now that's achieved, I have moved onto other American dreams... homeownership is just convenient once you can get through all the crap.

Dave, thanks for your answer. I know you've read my views on a home as an investment but a house thought of as a conservative investment I can definitely see. Especially if you have a HELOC available that you can use in leiu of an emergency fund although obviously one should be careful in doing that. I'd like a porsche to and to travel also, so I can definitely see your way also, I'd just rather not work.

Obviously dreams won't always be achieved. I'd love to be filthy rich but unless I win the lottery or something really lucky happens to me, it won't happen. I'm ok with that, but it doesn't change the fact that its a dream, and I'm sure its not one thats unique. Anyway, thanks, and good luck.

Zack

Zach...it all depends. I view my home ownership as part of my entire investment portfolio. I am fairly confident in steady appreciation over the long-term, so I view my house as the "conservative" piece of my portfolio. This allows me to be more aggressive with my other investments (as opposed to having bonds or MMA's for that part of my investments.)

Also, my American Dream is somewhat different than you...I have no desire to retire by 40. In fact, I would go absolutely crazy if I did. So, I don't need to be so aggressive with all my investments. My American Dream is to be extremely comfortable (which by my standards is a Porche, nice house, and can travel 2-3 times a year in luxury.)

Thanks Zach...it looks like somebody didn't find it that humorous (I got a thumbs down). :)

I was trying to be funny. Comedy imitates truth.

Darin,
If you've read some of my posts here you know I enjoy the humor in your post. I'm am really interested in people's thought and opinions on this though. Posting midday sunday probably wasn't the wisest time to not get buried.

Zach, The American Dream is to buy a house, live in it for 3 years and have it appreciate 100%, then max out home equity lines, buy a bunch of material possessions and remodels, and then declare bankruptcy when the truth comes out that the house actually only appreciated the normal 4% per year and they are upside down in the mortgage. :)