The American Dream is a well-recognized term by the majority of citizens of the United States. An aspect of the American Dream that Americans aspire towards is homeownership. Being able to own a home is a social and an economic achievement that less than two-thirds of Americans are able to achieve. This paper focuses on how the Great Recession affected minority homeownership rates and how the term American Dream fluctuates in usage by presidents.
Data for this study is taken from the 2000-2015 American Community Survey (ACS) Public Use Micro Sample (PUMS) and the American Presidency Project. Documents from the American Presidency Project determine how presidential usage of the American Dream has changed over time and differed between political parties. Previous research concludes minority homeownership rates are lower; this paper builds off of those results to see if the Great Recession contributed to lower rates. The results of the study show that while the Great Recession did not have an impact on minority homeownership rates, and as previous papers concluded, race did. However, the Great Recession did have a negative impact on the percentage of household income spent on monthly housing costs for certain minority groups. The impact of other factors such as sex, age, marital status, educational attainment, citizenship status, employment status, family size and income were examined. Additionally, presidential usage of the American Dream in reference to homeownership varies due to political party and over time. Furthermore, this variance differed on topics that relate to the dream of homeownership such as the middle class, minorities, government involvement and policies.