Gen Zers increasingly fear that homeownership is a hopeless dream

The last few years have made it difficult for Gen Z to afford a home.

According to a Freddie Mac study, 34% of the youngest generation don't think they will ever be able to afford a home. According to the report, that's up from 27% who felt that way last year.

Some young adults are using social media to express their distress and seek help. According to a person who said she was 23, she owed money and hoped that there was still a way to buy a home despite her bad credit.

According to Insider's personal finance team, she has a credit score of 556, which is very poor. Insider didn't get a response from Fay.

They're not alone. Two of the reasons she was against homeownership were brought up in the study.

Student debt was one of the top complaints made by Freddie Mac. 22% of the 1,749 people who responded to Freddie Mac's survey said they couldn't afford to buy a home because of their debts.

39% said saving for a down payment made it difficult, 27% said they didn't have a long enough credit history, and 9% said they had racked up too much credit card debt.

These young adults have to contend with a real estate market that is making it harder to buy in some cities. Freddie Mac's single family vice president of equitable housing said in a release that home prices are out of reach because of 30-year mortgage rates above 6%.

According to the Federal Reserve Bank of New York, younger Americans are more likely to be over indebted with their credit card debt.

Gen Z's hopes of homeownership have waned as the potential issues they may face in purchasing a home have become front and center.

According to the study, these adults don't want to own a home because they can't see how they'll ever be able to make enough money.

Some people have succeeded in buying a home before the age of 25. Insider interviewed five of them earlier this year and found that two of them, one to avoid a down payment and the other to take advantage of a state program that provides help to first-time buyers, took advantage of the state program.

The majority of Gen Z can't seem to make ends meet. The average age of first-time buyers rose this year from 33 to 36 according to the National Association of Real Estate.