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Homeownership is still the American dream, according to survey

Posted On Wed, March 23, 2011

Even though new single-family house sales dropped to historic lows in February, a new report is revealing that homeownership is still the American ideal.

According to a joint survey conducted by insurance giant Allstate and the National Journal Heartland Monitor, 59 percent of respondents said they were currently living the American dream, which was most often defined as owning one's own home. Raising a family was the second most popular response for what living the American dream means.

"Homeownership retains a powerful, almost tidal, grip on the American imagination," said Ronald Brownstein, editorial director of National Journal Group. "Even the economic experiences of the last several years don't seem to have dimmed the yearning for ownership."

Other findings from the survey indicated 70 percent would recommend to a family member or close friend to buy a home and 90 percent said they'd buy their house again if given the opportunity.

A similar poll was conducted by real estate search engine last month. It found that 70 percent of respondents thought homeownership was the American dream, and 78 percent said purchasing a house was their life's best investment.

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