The Myth of Home Ownership and Why Home Ownership Is Not Always a Good Thing

Home ownership is viewed as key to achieving the "American Dream" and is now an essential element of the American cultural norm of what it means to be a success. The metastasizing mortgage crisis suggests, however, that our home ownership policies are out-dated, misguided, and largely ignore the actual market realities many potential homeowners now face. After briefly describing the current home ownership crisis, this Article argues that the United States should radically revise and restrict home ownership subsidies. Rather than encouraging universal home ownership, the Article argues that the government should replace existing home ownership subsidies with targeted subsidies that will help buyers make housing choices that are based on economics, not emotions.