Homer Alaska - Letters

Story last updated at 2:36 PM on Wednesday, August 31, 2011

American Dream about freedom

Is the American Dream dead?

Some say that to own a home is the American Dream. I submit to you that the dream is not ownership, but the right to home ownership.

There is an oft used saying that your home is the largest financial decision of your life. For most of us that is very true. However, that does not mean that it should be the only financial decision in which all of your future rests.

I heard a home builder the other day mention that the American Dream was to make money from your home. That the government had interfered to a point with risky mortgages that people were losing faith in the American Dream. This caused me to cringe.

The American Dream is rooted in freedom. The right to home ownership and private property rights are fundamental to freedom. In many cases throughout history, real estate was not used as advanced retirement planning, rather it was a secure holding that was passed on to future generations.

Real estate is the surest path to wealth, no doubt. In fact it is such a secure long-term investment, people will line up to loan you money with your real estate as security. This is not, however, a riskless investment. There are no guaranteed outcomes.

Let's not forget that our forefathers fought for our freedom, not to guarantee double-digit appreciation. Home ownership is so much more than an investment. Plant your flag in your own backyard and join me in celebrating freedom.

Chris Story