Long ago the American dream was have a good job, get married, build a house, have kids and live happily ever after. It was normal for the father to have a semi permanent job for at least 20 years. They built the house because they like the area and intended to stay there.
I believe the American Dream to be much more abstract than that. The American Dream, to me, has always been "Independence to Pursue whatever makes you Happy." I think the version you outlined was the post-War version of that dream. The generation already "saw the world" under a hail of gunfire and were almost certainly in situations where the simplest of luxuries were unavailable for long stretches of time.
The people that came back were thankful to be alive and psychologically restricted themselves from excessive things in order to not disrepect those who never returned.
In my opinion, that's why the 50s version of the American Dream came to fruition.
Is owning a home a good idea for young people?
The answer to this question is that it really depends and it is much more nuanced than generic guidance would suggest.
There are some real things to be mindful of when considering the purchase of a house.
You usually hear things like:
"its stupid to throw your money away in rent."
"start building equity."
Renting is not throwing money away. Renting just treats habitation as a service, free of variable costs.
"Equity" is not a real thing in this sense; it is only a market expectation of clearing prices. In order to realize your "equity" you have to be able to liquidate your house and houses are not commodities. It's also perilous to bundle your "home" with your "house. " By this distinction, I intend "home" to be a consumable and your "house" to be the residual asset portion of your dwelling. Your"house" has a concept of market value. Your "home" is simply valued at replacement cost.
There's also a dangerous conflation between "owning your own home" and "being contractually obligated to pay a bank for 30 years." These are nowhere *close* to being the same thing, so they should never be treated the same. Houses are money and time sinks, and emotions cause people to chase good money after bad.
Renting provides better short term financial stability, transiency, and a better cash position.
Owning provides a stake in the ground that "this is mine."
You have to decide for yourself which of those you value most, and younger generations have been made wise to the options.
80 Muscort- "Wifebeater" (sorry if it offends. I didn't name it)
06 V6 Premium - "Hidalgo" (R.I.P.
67 C-code Fastback - "Tombstone"
My Mustangs don't get chick names. They get horse names.
When Hugh Hefner dies, will anyone actually believe the ubiquitous eulogy statement: "Well, at least he's in a better place"
Tombstone's Grille Ornament