Owning a home no longer the American Dream

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AppId is over the quota
 

Nearly two-thirds of Americans, or 64%, believe they are less likely to build wealth by buying a home today than they were 20 or 30 years ago, according to a survey sponsored by non-profit MacArthur Foundation. And nearly 43% said buying a home is no longer a good long-term investment.

"Americans no longer see homeownership as a secure path to building equity and wealth," said Geoff Garin president of Hart Research Associates, which conducted the survey of 1,355 adults.

"That has made them more willing to think fresh about their housing options," he said.

Related: The American Dream is out of reach

A majority of respondents said they believe renting is more appealing than buying -- and that renters are just as likely to be successful financially as someone who owns a home.

During the first quarter, the homeownership rate dipped to one of its lowest levels in almost two decades, according to the Census Bureau.

Related: America's growing housing affordability gap

Historically, owning a home has been considered an essential part of achieving the American Dream.

However, the housing bust, with its explosion of foreclosures, changed all that.

"People believed if you reached the middle class, you didn't have to make the difficult decision of renting or buying without falling behind on credit card payments or health care bills," said Garin.

Related: Priced out: 'I can't afford a home in my town'

And even though many experts say the housing market is recovering, many Americans aren't buying it.

The survey found that 70% of Americans still believe we are in the midst of the crisis and nearly 20% think the worst is yet to come.

That's because many Americans were impacted directly by the economy and the housing bust and are still struggling to get by.

Related: Buy vs. rent: What you'll pay in 10 largest cities

More than half of those surveyed said they had to take on an additional job or work extra hours, stop saving for retirement, accumulate credit card debt or cut back on health care in order to afford their housing payments at least once over the past three years.

"Concern about the housing market is very personal," said Garin.

First Published: June 4, 2014: 7:04 AM ET

For sale: Dream beach homes

AppId is over the quota
AppId is over the quota

For under $2 million, you can get a whole lot of vacation home.

This rambling four-bedroom contemporary is crammed with charming nooks and architectural touches.

Related: $25 million homes around the world

The interior resembles a rustic retreat with high, wood-paneled ceilings and stone work. There are several fireplaces and wood stoves, a wine cellar, a wet bar, a guest house, even room to park an RV.

But now for the best part: location.

Game: What super rich celebrity do you spend like?

The home is situated on a wooded lot of more than an acre, with commanding views of Oregon's rocky shore. Nearby is Yaquina Bay and several state beaches and parks.

The home has been on and off the market since 2012. Originally listed at $2.6 million, it has been marked down by more than a third since.

For further information: Trulia

For sale: Dream beach homes

AppId is over the quota
AppId is over the quota

For under $2 million, you can get a whole lot of vacation home.

This rambling four-bedroom contemporary is crammed with charming nooks and architectural touches.

Related: $25 million homes around the world

The interior resembles a rustic retreat with high, wood-paneled ceilings and stone work. There are several fireplaces and wood stoves, a wine cellar, a wet bar, a guest house, even room to park an RV.

But now for the best part: location.

Game: What super rich celebrity do you spend like?

The home is situated on a wooded lot of more than an acre, with commanding views of Oregon's rocky shore. Nearby is Yaquina Bay and several state beaches and parks.

The home has been on and off the market since 2012. Originally listed at $2.6 million, it has been marked down by more than a third since.

For further information: Trulia

Owning a home no longer the American Dream

AppId is over the quota
AppId is over the quota
 

Nearly two-thirds of Americans, or 64%, believe they are less likely to build wealth by buying a home today than they were 20 or 30 years ago, according to a survey sponsored by non-profit MacArthur Foundation. And nearly 43% said buying a home is no longer a good long-term investment.

"Americans no longer see homeownership as a secure path to building equity and wealth," said Geoff Garin president of Hart Research Associates, which conducted the survey of 1,355 adults.

"That has made them more willing to think fresh about their housing options," he said.

Related: The American Dream is out of reach

A majority of respondents said they believe renting is more appealing than buying -- and that renters are just as likely to be successful financially as someone who owns a home.

During the first quarter, the homeownership rate dipped to one of its lowest levels in almost two decades, according to the Census Bureau.

Related: America's growing housing affordability gap

Historically, owning a home has been considered an essential part of achieving the American Dream.

However, the housing bust, with its explosion of foreclosures, changed all that.

"People believed if you reached the middle class, you didn't have to make the difficult decision of renting or buying without falling behind on credit card payments or health care bills," said Garin.

Related: Priced out: 'I can't afford a home in my town'

And even though many experts say the housing market is recovering, many Americans aren't buying it.

The survey found that 70% of Americans still believe we are in the midst of the crisis and nearly 20% think the worst is yet to come.

That's because many Americans were impacted directly by the economy and the housing bust and are still struggling to get by.

Related: Buy vs. rent: What you'll pay in 10 largest cities

More than half of those surveyed said they had to take on an additional job or work extra hours, stop saving for retirement, accumulate credit card debt or cut back on health care in order to afford their housing payments at least once over the past three years.

"Concern about the housing market is very personal," said Garin.

First Published: June 4, 2014: 7:04 AM ET

Architects Turned A Tiny 425-Square-Foot Loft Into A Dream Home

AppId is over the quota
AppId is over the quota
New York City is chock-full of laughably small, awkwardly shaped apartments. Which is why it takes a good imagination to not only make them livable but actually desirable.

The designers at Specht Harpman Architects recently worked wonders on a 425-square-foot loft on the Upper West Side.

The space, at the top of a six-story brownstone, has 25 feet of vertical space and even access to a rooftop — giving them plenty to work with.

Check out the photos below to see the new micro-loft.

This was the space before. It was run down, with exposed brick walls and dated paint. Specht Harpman Architects

For such a small space, it didn't have much room for storage. Specht Harpman Architects

The architects' solution was to create multi-level “living platforms" in order to squeeze everything in but still make it feel open. Taggart Sorensen

One of their goals was to create a flowing interior "that dissolves the notion of distinct 'rooms.'" Taggart Sorensen

A cantilevered bed on steel beams floats over the main living space on the third floor. Taggart Sorensen

And the tiny bathroom is tucked beneath the stairs. Taggart Sorensen

Which now have a ton of storage space. They feature built-in drawers and shelves, similar to Japanese kaidan dansu.   Taggart Sorensen

The roof garden at the top allows light to radiate throughout the apartment.  Taggart Sorensen

Pretty impressive. It's hard to tell that this was still the same apartment. Specht Harpman Architects

Compare it again to the new space: Specht Harpman Architects

Job well done.