Owning a home may be the "American Dream," but the share of renters is on the rise.

Answer:

36%

Questions:

1. Why do you think some people choose to rent a home instead of buying one?
2. How does renting or owning a home affect a person’s monthly budget and long-term financial planning?
3. Do you think owning a home is still part of the “American Dream,” or has that idea changed for your generation? Why?

Here are the ready-to-go slides for this Question of the Day you can use in your classroom.

Behind the numbers (Worth):

There are many factors that go into the affordability of owning homes rather than renting for people. While 72% of renters report wanting to own a home, only 45% of renters are able to afford a home where they live. There are several factors that go into this affordability, including income. One often overlooked factor is insurance. The estimated average cost of homeowners insurance per year is $1200 in the U.S. Meanwhile, the average cost for renters insurance in the U.S. is only $180. 

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.

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