The New American Dream Is Living in a City, Not Owning a House in the Suburbs

The latest housing numbers reflect an uptick in Americans abandoning their white-picket fences and two-car garages for a sky-high abode with a downtown view, but the question is how long the shift away from suburbia will last.

In June 2002, several years before the peak of the housing boom, President George W. Bush famously proclaimed that the American Dream is to own a home. At the time, construction workers across the country were gearing up for a wave of residential building, and banks were beginning to dole out millions of shaky mortgages to eager new homeowners. “I do believe in the American Dream,” Bush said at the time. “[And] owning a home is a part of that dream, it just is. Right here in America if you own your own home, you’re realizing the American Dream.”

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