Tight housing inventories, rising prices, and conservative mortgage lenders are preventing many would-be homeowners from buying their piece of the 'American Dream'. Michelle Higgins explains why this may actually be a good thing.
"A growing body of research suggests that spending money on real estate doesn’t necessarily mean investing in contentment," writes Higgins. "Indeed, the conventional advice to cut back on vacations, restaurant meals and other extras in order to save money for a home may actually be detrimental to felicity. Experts in happiness — an increasingly popular field focused on the scientific understanding of emotional well-being — say that people are happier when they spend money on experiences instead of material goods, whether it be a new car or a bigger apartment."
“People still view housing as a central component of happiness and a critical aspect of the American dream,” said Elizabeth Dunn, an associate professor of psychology at the University of British Columbia. “But there is little research to support that.”
FULL STORY: Homeownership, the Key to Happiness?
Homeownership—American Dream or Nightmare?
Owning a home has long been considered the ultimate aspiration. But social and economic realities mean the stories about and the path to homeownership are not simple and straightforward.
What If We Stopped Considering Housing an Investment?
If Americans viewed housing as what it essentially is, a consumable good, solutions to our ongoing affordability crisis might just present themselves. And we'd probably loosen a lot of land use regulations.
As Homeownership Slips, So Do Expectations
For an "entitled generation," Millennials feel less and less entitled to one of the hallmarks of the American Dream: homeownership. But that doesn't mean the goal is permanently out of reach.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.
North Texas Transit Leaders Tout Benefits of TOD for Growing Region
At a summit focused on transit-oriented development, policymakers discussed how North Texas’ expanded light rail system can serve as a tool for economic growth.
Why Should We Subsidize Public Transportation?
Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.
How to Make US Trains Faster
Changes to boarding platforms and a switch to electric trains could improve U.S. passenger rail service without the added cost of high-speed rail.
Columbia’s Revitalized ‘Loop’ Is a Hub for Local Entrepreneurs
A focus on small businesses is helping a commercial corridor in Columbia, Missouri thrive.
Invasive Insect Threatens Minnesota’s Ash Forests
The Emerald Ash Borer is a rapidly spreading invasive pest threatening Minnesota’s ash trees, and homeowners are encouraged to plant diverse replacement species, avoid moving ash firewood, and monitor for signs of infestation.
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