A New American Dream? Probably Not.

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A New American Dream? Probably Not.

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Rumors have been flooding the media in regards to how the current housing situation relates to the traditional American Dream of homeownership. Some speculate that the changes in the housing market and increased number of foreclosures have altered the American Dream as many believe they will not be able to own a home. Luckily, this is not the truth and the American Dream is very much alive and thriving with consumers intelligently looking beyond the current economic situation. 

The National Association of Home Builders (NAHB) confirmed that approximately 95% of current homeowners are pleased with their homeownership decision. Even Lake Research Partners’ president Celinda Lake attests that homeownership goes far beyond a luxury and is equated to being a core value of Americans, often being the cornerstone of retirement and economic security.

Another part of the American lifestyle centers on shopping, specifically shopping and interacting with others at malls. Amidst the residential foreclosures that have clouded the housing market, there have also been an increasing number of shopping mall vacancies. However, investors have realized that this is an incredible time to modify shopping malls to better meet the needs of shoppers. Specifically, investors are tapping into the commercial opportunities and purchasing vacated shopping models to undergo renovations. These malls which are typically filled with anchor stores and high-end boutiques are being amended to include frequently visited stores such as Target.

These investors are making incredibly intelligent moves and restoring an opportunity for community by adding stores that are more in line with the current American lifestyle. By adding Target and other stores that are visited often but have not been included in traditional shopping malls will continue the use of malls not only for shopping, but also for social interactions—something that online stores are unable to offer.

In conclusion, the American Dream is very much alive and thriving despite the foreclosures. Consumers are being incredibly logical and realize that the current economic situation in the country is temporary and that homeownership and shopping malls are still very much part of the American lifestyle and will not be changing due to a slow recovery.