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Financial News
Home is Where the History Is
Updated: Tuesday, July 03, 2012 - 2:35 PM
As Americans prepare to celebrate Independence Day next week,
thousands of them will flock to places like Mount Vernon,
Monticello and Peacefield to learn and understand more about our
country's history and the men and women who shaped its future. The
homes of founding fathers like George Washington, Thomas Jefferson
and John Adams were more than shelter; they were places of respite,
reflection and inspiration.
"Homeownership is an investment in our future, but it's also a
gateway to our past," says NAR President Moe Veissi. "The homes of
our country's founders offer insights into their characters and
values, and reflect the spirits of their owners, just as our homes
do for us today."
In some ways, historic homeowners bear little resemblance to the
homeowners of today. George Washington inherited Mount Vernon when
he was 20; only 4 percent of recent home buyers were between the
ages of 18-24, according to the 2011 NAR Profile of Home Buyers
and Sellers. John Adams was born in the house that would
remain in the Adams family for four generations. Today, fewer than
3 percent of families in this country have received their primary
residence as an inheritance, according to a recent Survey of
Consumer Finances published by the Federal Reserve Board.
Women's rights to own property in America's early days were often
based on their relationships with men, so it's not surprising that
many women today view homeownership as its own form of
independence, with single women representing more than one-fifth of
all home buyers in the current market.
Homeowners across U.S. history do share some common ground, of
course. Most of the founding families lived out their lives close
to where they were born, and the same is true today. The U.S.
Census Bureau reports that nearly 60 percent of Americans currently
live in the state in which they were born, and NAR research shows
that the typical buyer moves only 12 miles from his or her previous
residence.
"I am as happy nowhere else and in no other society, and all my
wishes end, where I hope my days will end, at Monticello," said
Thomas Jefferson of his home. Although today's economic environment
has postponed homeownership for some, numerous surveys show that
most Americans still aspire to homeownership. In the NAR Profile, a
full 60 percent of recent first-time home buyers cited the desire
to own a home of their own as the primary reason for purchasing a
home.
"There's a reason homeownership is called the American Dream," says
Veissi. "As we celebrate our country's independence and reflect on
its past, REALTORS® remain committed to keeping the dream of
homeownership alive for generations of Americans to come."
