Why Your First Home Shouldn't Be Your Dream Home

Since 2000 homeownership rates in the U.S. have hovered around 66% to 67% of the population. In 1900 less than half of Americans owned their own homes. The biggest surge in home buying came after World War II, when many young families were encouraged to buy "starter homes."

Attitudes about how to buy a home have fluctuated as much as interest rates during the decades since World War II, and eventually many first-time home buyers were encouraged to "buy big" in order to stretch their budgets as much as possible, and to buy the homes they wanted to live in forever. Given the high level of foreclosures and the loss of value in many homes, today's buyers are more wary of taking on homes they cannot afford, but many are still tempted to make their first home purchases their dream homes rather than their starter homes.

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