Does America need a new dream?

A recent debate featured in The Economist posed the question: Should homeownership be discouraged?

Homeownership proponents argued the vested interest homeowners have in their neighborhoods produces many social benefits. These benefits include:

• family stability;
• civic participation;
• quality education;
• reduced government transfers in old age; and
• low crime rates.

Supporters maintained homeownership has no negative effects on the economy. The economy has suffered extreme highs and lows over the past 50 years, while the homeownership rate during the same period has remained relatively static.