Most of the rationale assigned to buying a home has usually been based on money, specifically the financial benefits to be had through the deduction of property taxes and mortgage interest and the building of wealth through equity.

As I show in my book Home Ownership in America, however, the psychological or emotional benefits to be had from home ownership have accounted for a significant share of the buying (and selling) of property over the years. Whatever dwelling one happens to choose, owning a home has historically represented a powerful symbol of independence and security (even if one is still paying off the mortgage to the bank). Owning a piece of land, no matter how tiny, appears to satisfy a primal need rooted in the search for permanent shelter from the elements.

Given such strong emotions underlying home ownership, it’s not surprising that it has been a much sought-after goal among Americans. Perhaps the most remarkable thing about the desire to own a home has been how it has crossed the social divisions of age, gender, race, and class—quite a........

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