Home News Millennials and Gen Zers want to buy homes—but they can’t afford it

Millennials and Gen Zers want to buy homes—but they can’t afford it

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You probably have heard Some variations Of this question With time once again Last 10 years: “Why don’t young people buy a house anymore?” According to a recent survey, the answer is simple. It’s money.

Most Gen Z and Millennial members (US adults aged 18-25 and 26-41, respectively) want to own a home someday or even now.Their biggest obstacle is affordability, respondents said March Bank Rate Survey Conducted by research firm YouGov.

Findings: Almost three-quarters (74%) of American adults defeat home ownership, the ability to retire (66%), successful careers (60%), and children to achieve the so-called American dream. (40%). Only 35% of respondents cited a college degree as an important sign of financial success.

Especially for millennials, 65% recognize home ownership as a top sign of success. For Gen Z, that number has dropped to 59%. That’s still a big number, and we’re strangled with the generation’s leading candidate (60%) for a successful career.

The survey included 2,529 adults, including 1,397 homeowners, in early March. Nearly two-thirds of non-homeowners say affordability is the main reason they haven’t bought a home yet. Gen Z mainly said that while millennials mainly blame rising home prices, their income is still not high enough.

In any case, the sentiment is clear: more people will buy a home if they can afford it.

Greg McBride, Chief Financial Analyst at Bankrate.com, said in a statement, “Non-homeowners will become homeowners because they can’t afford to pay inadequate income, high home prices, down payments and closure costs. It is cited as the most common barrier for. ” “High and rising home prices can contribute to the feeling that you don’t have enough income or savings to buy a home.”

The housing market has ignited in the last two years: rising demand House prices soar at record speedsUp About 34% Since the start of the Covid-19 pandemic.The market has recently shown Some signs of coolingBut home ownership remains Increasingly difficult goals To Achieve Young Americans — Especially for Oversized Student debt When Repressed wages It followed the Great Recession.

A Bankrate study states that many young Americans are prepared to take some action to access more affordable homes. Three-quarters of Gen Z and 69% of millennials say they will consider Move to another state,Go to More affordable, but less desirable areasOr get a fixer upper discount to achieve their dreams.

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