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LIFE: HOMES
Francis McGuire: The American dream seems to be alive and well in 2008
Back in 1776, a group of colonial patriots got together and determined the fate of what would soon become the United States of America. They conceived a document that would forever serve as a creed for all Americans. A resolution was introduced to Congress in June of that year, by Richard Henry Lee of Virginia, declaring that "the colonies are, and of right ought to be, free and independent states." Less than a month later, the 56 signers adopted these words as part of the Declaration of Independence. They established certain freedoms that we live by and maintain yet today. They bestowed upon all future Americans the rights of life, liberty and the pursuit of happiness.
Whether native or foreign born, for many people in America "the pursuit of happiness" may be the American dream of home ownership. Not only does home ownership indicate a sense of security and well being, it also gives the average American family an opportunity to raise its net worth by a considerable margin. Many see home ownership as a civil and social stabilizer as well. There's a lot to be said for deep roots and a solid foundation.
Look at the current number of house and condominium sales as proof that the American dream is alive and well today. The ability to realize the dream and the privilege of owning a home hasn't always been as easy as it is today. In 1890, 47.8% of people in America were home owners. By 1940, that number had dropped to 43%. By 2000, the number of home owners had risen substantially, even with recessions and periods of market instability.
According to U.S. Census figures, nearly 68 percent of Americans owned their homes. This really should come as no surprise. Couples are buying homes at a younger age now than ever before. Although seniors are downsizing, they are remaining home owners. The strong commitment to home ownership has made Americans the best housed people on earth. Being able to own a home is a privilege and not something we should take for granted. Owning a home in other countries is much more difficult to attain — in some places, it's out of the question.
Now that we've just celebrated 232 years of this republic, let us pause and give thanks to those who established the freedoms and rights that allow us the privileges like home ownership. This privilege serves as a testament that another American dream and tradition is alive and well in 2008.
Happy birthday, America!
Francis McGuire is the owner of McGuire Realty Company in Huntington.
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