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?
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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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Ohio Forces Data Centers to Prepay for Power
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MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.
Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
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Mpact (founded as Rail~Volution)
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