In this special holiday episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi unwrap the hidden homeownership themes threaded throughout some of the most iconic holiday movie classics. From It’s a Wonderful Life to Home Alone to The Holiday, and Christmas Vacation, homeownership is more than a backdrop, it is the emotional core of the American story.
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“The conflict in the film (It’s a Wonderful Life) really is about housing. Mr. Potter wants people renting indefinitely, while George sees homeownership as a path to stability and dignity.” Odeta Kushi, Deputy Chief Economist, First American
Odeta Kushi - Hello and welcome to this special holiday short episode of The REconomy Podcast. I am Odeta Kushi, deputy chief economist at First American, and here with me is Mark Fleming, chief economist at First American.
Hi, Mark. Today we are doing something a little different. It is our holiday special, and instead of talking about data releases or mortgage rate dynamics, we are diving into holiday movies, but with a twist. We are pulling out the hidden housing connections in some of our favorite classics.
Mark Fleming - I like it. We are so excited about this that we even got dressed up. Odeta has her beautiful red jacket on. I do not have a red or green shirt, but I do have a red tie. We are definitely in the Christmas spirit. Even when the rest of the world is watching movies for fun, we are the people in the back whispering, forget the Christmas decorations. I wonder why they chose that house for the movie.
Odeta Kushi - That is exactly right. We cannot help ourselves. We are a really fun bunch. So let us start with what may be the most quintessential holiday film of all time, and I know it is one of your holiday housing favorites, Mark. It’s a Wonderful Life.
Mark Fleming - It really is a wonderful life. This movie is practically a real estate seminar wrapped in nostalgia. George Bailey spends the entire film fighting to expand homeownership in Bedford Falls. He is trying to give working families a chance to buy modest quality homes, what we would today call expanding the housing ladder.
Odeta Kushi - Right, and the conflict really is about housing. Mr. Potter wants to keep people renting indefinitely, while George sees that homeownership can build community stability and personal dignity. It is the affordability conversation of the 1940s.
Mark Fleming - And, honestly, if this movie were made today, George Bailey would be testifying before Congress about zoning reform and mortgage modernization. Clarence the angel would probably say, every time a bell rings, a first-time buyer removes a contingency.
Odeta Kushi - Exactly. Before we move on to the next film, it is worth acknowledging the economic takeaway from this classic. Housing is central to the American story economically, socially, and emotionally. It’s a Wonderful Life shows that better than almost any film. Now let us jump from the 1940s all the way to the early 1990s with Home Alone, which I think deserves a place in the Holiday Housing Hall of Fame solely for the McCallister house.
Mark Fleming - That home is classic suburban Chicago architecture. Beautiful design, six bedrooms, and the kind of staircase you could sled down. Wait a second. Kevin did slide down that staircase. Maybe not entirely intentionally.
Odeta Kushi - That is right. It is also a great example of aspirational suburban housing in the late twentieth century. Lots of space, a big yard, a quiet street, and prime lose-a-child-in-your-own-home territory.
Mark Fleming - What I always wonder is, what does that home cost today? Adjusted for inflation and local price growth, we are talking about serious money. The Wet Bandits clearly understood Sutton’s Law.
Odeta Kushi - I do indeed. Willie Sutton famously said he robbed banks because that is where the money is. Very true in this case. And the movie really captures that moment in American housing tastes. Bigger homes, bigger yards, and the belief that more space equals more comfort. Today, preferences are more varied, but the McCallister home still represents a nostalgic version of the American dream.
Mark Fleming - It really sets the tone for the entire movie. But we are not done.
Odeta Kushi - We are not done, because speaking of homes that set the tone, I want to move on to one of my personal favorites, The Holiday. This movie is practically a case study in the modern sharing economy. It treats housing like a character. Two women swap homes. One lives in a charming English cottage straight out of a storybook, and the other lives in a sleek, spacious Los Angeles home that screams lifestyle branding. It shows how people use housing not just as shelter, but as experience.
Mark Fleming - Exactly. It highlights how your home reflects your identity. Iris goes to California to escape heartbreak. Amanda goes to the English countryside to find peace. No spoilers, but housing becomes a catalyst for reinvention. And, yes, I have seen the movie.
Odeta Kushi - You clearly have. This idea of housing as both a place and an emotional setting is something we still see today. People do not just choose homes based on price. They choose homes based on how they want to live. It is a great reminder that the housing market is not just about data points. It is about people and the lives they build inside those walls.
Mark Fleming - And speaking of walls, thin walls in this case, let us talk about National Lampoon’s Christmas Vacation.
Odeta Kushi - Yes, the ultimate suburban homeowner holiday movie.
Mark Fleming - The Griswold house is another example of classic American suburbia. The entire movie is essentially a series of housing maintenance mishaps. Ladder accidents, electrical problems, roof issues, and one squirrel with a personal vendetta. As a housing economist, I also think about the distinction between chattel loans, which Cousin Eddie would have on that RV in the driveway, versus the non-chattel loan the Griswolds likely have on their home.
Odeta Kushi - There is the housing wonk. As a relatively new homeowner myself, I see this movie as a reminder that homeownership means budgeting for the unexpected. Clark Griswold is every homeowner who has ever said, how hard could it be, right before voiding a warranty.
Mark Fleming - Exactly. And that holiday lighting display, all twenty-five thousand bulbs, is a timeless example of personal expression clashing with neighborhood norms. Today, an HOA might intervene, but in the 1980s it was apparently a free-for-all.
Odeta Kushi - Every time I watch that movie, I think the home’s electrical system would never have survived that in the 1980s.
Mark Fleming - That is very true. Those lights were not energy-efficient LEDs. They ran hotter than a Wham! single in December.
Odeta Kushi - Last Christmas indeed.
Mark Fleming - A true classic.
Odeta Kushi - What ties all of these movies together is that housing is not just a backdrop. It is the emotional infrastructure of the story.
Mark Fleming - In It’s a Wonderful Life, the home represents dignity and community. In Home Alone, the house anchors family identity. In The Holiday, housing becomes a vehicle for reinvention. And in Christmas Vacation, the home is where traditions, however chaotic, play out.
Odeta Kushi - People connect to holiday movies because they are ultimately about belonging, and nothing signals belonging quite like home.
Mark Fleming - Even when the plots get wild, booby traps, house swaps, rogue squirrels, the idea of home remains central.
Odeta Kushi - So, as you revisit your holiday favorites this season, maybe pay a little extra attention to the homes behind the stories. They are telling a story too about who we are, how we live, and how housing shapes our lives.
Mark Fleming - And from our house in the middle of the street, our house to yours, happy holidays and a wonderful new year.
Odeta Kushi - You really could not resist, could you? From all of us here at The REconomy Podcast, happy holidays and thank you for joining us on this special episode. If you have an economics-related question, or an ‘80s music reference, you can email us at economics@firstam.com. Until next time.
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This transcript has been edited for clarity.