Lessons on Homeownership from Zillow’s Chief Economist

Recently, I came across a podcast featuring Skylar Olsen, Zillow’s Chief Economist. Much of the conversation was what you might expect—housing market predictions for 2025, what Zillow got wrong about 2024, and a breakdown of trends shaping real estate across the country. 

In other words, the kind of data I live for.

But as the conversation wrapped up, Olsen was asked a question that shifted the focus: “What does homeownership mean to you?”

Her response? It wasn’t about numbers or investments—it was about something far more personal. And it made me stop and think about how we, as homeowners (or future homeowners), define the meaning of home.

Here’s what she said—and why it stuck with me.

Beyond the Numbers

Olsen started by acknowledging her analytical side. As an economist, she’s naturally drawn to crunching numbers—comparing the cost of homeownership with renting or investing in stocks. 

And sometimes, the numbers might show that owning a home costs more than renting.

But here’s where she flipped the script.

“That’s the cost of ownership and customization and personalization and vision,” she said.

For Olsen, the value of owning a home goes beyond financial ROI. It’s about creating something uniquely yours—a space where you can bring your vision to life in a way renting doesn’t allow.

(Side note: When it comes to your monthly budget, crunching the numbers is crucial. It’s all about finding a property that fits your budget and your vision. And, of course, building equity and financial wealth plays into this, too…but let’s save that for another day.)

The Freedom of Homeownership

Olsen then painted a picture of her own home—something you might not expect from a Chief Economist. 

In her backyard, she has chickens. Fruit trees. Flowers. Even pumpkins—though some have started to rot, which, as she joked, are now destined to become chicken snacks.

“That is a vision that I can’t create if I was a renter. I don’t know what landlord would let me do this craziness. And that’s what ownership means to me. It’s not just the financials; it’s the optionality, the personals. 

“It’s my vision, it’s my castle.”

It’s a reminder that owning a home is about more than walls and a roof. It’s about having the freedom to make it your own, whether that means starting a garden, creating a space for family gatherings, or building a sanctuary that reflects your personality.

The American Dream, Redefined

When you hear the words “the American Dream,” it’s easy to picture the classic image of a single-family home with a white picket fence. But, it’s not the 1950s anymore—and Olsen’s perspective expands on that idea. 

“It’s not just, ‘Oh, I want to live in a single-family home.’ You can have the American Dream in a condo in New York—or even as a renter if flexibility is what you value most.”

What really defines the American Dream, she says, is vision and choice—and for many, homeownership is the ultimate way to create something that is truly theirs.

Takeaways for Homebuyers

Olsen’s story offers some key takeaways for anyone considering homeownership:

1. Focus on What Homeownership Means to You
   While financial considerations are important, it’s equally valuable to think about the emotional and personal aspects of owning a home. What kind of life do you want to create? How do you want your space to reflect your values and goals?
2. Homeownership Isn’t One-Size-Fits-All
   The American Dream looks different for everyone. Whether you’re envisioning a backyard full of chickens or a cozy condo downtown, it’s about finding what feels like “yours.”
3. Consider the Non-Financial Benefits
   Owning a home isn’t just an investment in property—it’s an investment in your lifestyle, your vision, and your future. From the freedom to personalize your space to the sense of stability it provides, the benefits go beyond dollars and cents.

Olsen’s response reminded me why I love helping people find homes. It’s not just about the transaction; it’s about helping them create a space where they can live their vision—no matter what that looks like.

So, what does homeownership mean to you? Is it the freedom to make your space your own? The stability of knowing it’s yours? Or something else entirely?