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.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.
Study: London ULEZ Rapidly Cleaning up Air Pollution
Expanding the city’s ultra low-emission zone has resulted in dramatic drops in particle emissions in inner and outer London.
San Jose Mayor Takes Dual Approach to Unsheltered Homeless Population
In a commentary published in The Mercury News, Mayor Matt Mahan describes a shelter and law enforcement approach to ending targeted homeless encampments within Northern California's largest city.
Atlanta Changes Beltline Rail Plan
City officials say they are committed to building rail connections, but are nixing a prior plan to extend the streetcar network.
Are Black Mayors Being Pushed Out of Office?
The mayors of New York, St. Louis, and Pittsburgh all stand to lose their seats in the coming weeks. They also all happen to be Black.
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