Zillow’s Chief Economist on What Homeownership Really Means: Beyond the Numbers and Into Your Vision

I recently listened to a podcast featuring Skylar Olsen, Zillow’s Chief Economist. It was packed with all the housing market insights you’d expect—predictions for 2025, reflections on 2024, and the trends shaping real estate across the country.

Honestly, it was my kind of conversation. I love digging into that kind of data.

But at the end, the conversation shifted. Someone asked Olsen a question that really hit me: “What does homeownership mean to you?”

Her answer wasn’t about market trends or financial returns—it was deeply personal. It made me stop and think about how we each define what “home” really means.

Beyond the Numbers

Olsen started by acknowledging her natural love for numbers (she is an economist, after all). She talked about how it’s easy to focus on comparing the costs of homeownership to renting or other investments—and sometimes, renting can seem like the more affordable option on paper.

But then she flipped the script.

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

For her, homeownership isn’t just about financial returns. It’s about the freedom to create a space that’s uniquely yours, something renting doesn’t allow.

(Side note: Of course, the numbers still matter. Finding a home that fits your budget is key, and building equity is a huge benefit. But we can save that discussion for another day.)

The Freedom to Make It Yours

Olsen shared a glimpse into her own home—her “castle,” as she calls it.

In her backyard, she has chickens, fruit trees, flowers, and even pumpkins (though she joked the rotting ones are now chicken snacks).

“That’s a vision I can’t create as a renter,” she said. “No landlord would let me do this craziness. That’s what ownership means to me—it’s my vision, my castle.”

Her story is such a good reminder: owning a home is about more than just the structure itself. It’s about having the freedom to make it your own, whether that’s starting a garden, creating a cozy space for family gatherings, or crafting a sanctuary that reflects who you are.

Redefining the American Dream

When we think about “the American Dream,” it’s easy to imagine the classic single-family home with a white picket fence. But Olsen expanded on that idea, reminding us that it’s not the 1950s anymore.

“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.”

For her, the American Dream is about choice and vision. For many, homeownership is the ultimate way to create something that feels truly theirs.

What Homeownership Can Mean for You

Olsen’s perspective really got me thinking about the deeper meaning of homeownership and what it offers beyond financial benefits. Here are a few takeaways that stood out to me:

• Define What Homeownership Means to You
  It’s not just about the dollars and cents. Think about the life you want to create and how your home can reflect your goals and values.

• It’s Not One-Size-Fits-All
  Your dream home could be a condo downtown, a house with a yard full of chickens, or something in between. It’s about what feels right for you.

• Consider the Intangible Benefits
  Homeownership is an investment in more than just property. It’s an investment in your lifestyle, your stability, and your vision for the future.

Hearing Olsen’s story reminded me why I love what I do. Helping people find homes isn’t just about the transaction. It’s about helping them create a space where they can live out their vision, whatever that looks like.

So, let me ask you: what does homeownership mean to you? Is it the freedom to make a space your own? The stability of having a place that’s truly yours? Or maybe something else entirely?