Is anyone Keeping Up With the Joneses anymore? The popular phrase, coined by a comic strip of the same name created by Arthur R. “Pop” Momand in 1913, refers to the phenomenon associated with people comparing themselves to their neighbors and striving to maintain a similar lifestyle—often accompanied by acquiring material possessions to appear equally well-off.
But as Theodore Roosevelt so eloquently said, “Comparison is the thief of joy.”
However, that hasn’t stopped Americans from succumbing to the pressure. But as home prices continue to rise alongside everything else these days, Keeping Up With the Joneses is more problematic than ever—often leading to overspending that can quickly and easily spiral right down into debt.
Since purchasing my first home back in 2019, I have yet to experience the domino effect of one neighbor splurging on an exorbitantly priced item (car, boat, RV/camper etc.) only to see the same item (or one with an even more expensive price tag) in every other driveway a few short hours later.
Maybe I’m living in the wrong part of town, or geographic area, but as we continue to change the way we think about how we live our lives and the things we possess, neighbors are coming together like never before—challenging the status quo.
Gone are the days when homeowners had to keep renovation plans under lock and key to ensure their neighbors didn’t beat them to the punch and build that charming wrap-around porch they’d been designing for months seemingly overnight.
And while imitation has long been said to be the sincerest form of flattery, keeping up with those around us has become a challenging proposition for homeowners across the board as we navigate an environment rife with high home prices, low for-sale inventory levels and inflation still exceeding the Federal Reserve’s 2% target rate.
In fact, more and more homeowners today are turning their backs on the competition and withdrawing from the game altogether in exchange for keeping up with their own dreams and aspirations—changing the narrative to one that’s more attainable for all.
While younger generations are more likely than their older counterparts to say they feel pressured to Keep Up With the Joneses, according to a 2024 LendingTree survey showing that 62% of Gen Zers feel this pressure, it’s important to note that these same Gen Z buyer hopefuls (as well as slightly older millennials) are being priced out of the American Dream of homeownership at an alarming rate.
The trend is likely to continue well into the future, with National Association of REALTORS® (NAR) Chief Economist Lawrence Yun forecasting a 2% increase in the median home price this year, a hefty $410,700.
Equally telling is the fact that NAR reported that the median age of a first-time homebuyer in 2024 was 38. Clocking in at an all-time high, as the average price of a home continues to rise, prospective buyers need to save longer for a home purchase.
With fewer younger buyers who are more apt to overextend themselves to keep up with others entering the homeownership ranks, will the phenomenon as it stands today cease to exist?
Keeping Up With the Joneses may never officially go out of style, but keeping up with your own interests and dreams is far more powerful.
