Living the American Dream
While home ownership is often thought of as "the American Dream," in fact, many families never achieve that dream. In many cases, families don’t even consider buying a home, convinced that their financial situation prohibits it. Often, when they do decide to buy a home, they are unaware of the advantages and disadvantages of different types of mortgage loans.
"Living the American Dream" provides students with information about financing and buying a home at the same time that it teaches basic economics concepts.
Objectives:
- Help students apply benefit/cost analysis to home ownership.
- Help students understand basic economics concepts.
Targeted Audience:
High School
Program Overview:
Eight lessons present the basics of credit, housing price determination, earning an income, interest rate determination, different types of mortgage loans, and the potential dangers of ignorance concerning borrowing to finance a home loan. In the same lessons, students learn the economics concepts of scarcity, benefit/cost analysis, supply and demand and price determination in the product, labor, and financial markets.
The Contest:
Students write an essay explaining how the "Living the American Dream" program has influenced their thinking about home ownership. Teachers select one essay from their class and submit it to CCEE. The essays are judged and the writers of the 7 best essays receive cash prizes.
