Posted on March 22, 2012
The family home symbolizes the upward mobility and prosperity that forms the heart of the American Dream. But with the bursting of the real estate bubble and the ongoing global economic crisis, home ownership has slipped beyond the reach of many citizens.
Sociology professor Karen McCormack studies the impact of the home foreclosure crisis on families and the way in which it has deepened inequality in our society.
In her piece, McCormack observed that the "dream" of home ownership may stand in the way of developing a more rational approach to housing policy.
One result of this crisis may be a price correction in the value of houses, but perhaps it could also lead to a reconsideration of the meaning of home. Because we put such stock in ownership, good rental options are often not available. In ignoring other forms of housing, we frequently relegate the working poor to substandard housing, making families choose between inadequate housing or mortgage debt.
Listen to Professor McCormack's full commentary: