Over the past decade, you have probably heard variations of the question, "Why aren't young people buying houses now?" Money is the answer according to the survey.
Most members of the Gen Z and millennial generations would like to own a home one day. Affordability is their biggest roadblock, according to a survey.
Homeownership is still seen as the most important factor in achieving the American Dream, beating out the ability to retire, a successful career and having children. A college degree is one of the key signs of economic success.
Homeownership is a top sign of success for young people. It was still a large figure, and neck and neck with that generation's top choice of having a successful career.
2,529 adults were surveyed in early March. Affordability was the main reason people hadn't yet purchased a home. Gen Zers said their income wasn't high enough yet.
If they could afford it, more people would buy homes.
According to Bankrate.com, insufficient income, high home prices, and not being able to afford a down payment are the most common barriers to becoming a homeowner. Home prices can make people feel like they don't have enough money to buy a house.
Since the start of the Covid-19 epidemic, the housing market has caught fire and home prices have gone up 34%. The market has recently shown some signs of cooling, but home ownership remains an increasingly difficult goal for younger Americans due to outsized student debt loads and repressed wages.
In the Bankrate survey, many younger Americans said they were willing to take some form of action to access a more affordable home.
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