Americans far from the dream of buying a home

A survey by market research firm Redfield and Wilton found that a majority of Americans believe that homeownership is a privilege reserved for the middle and upper classes.

When asked, " Are you confident you can afford to buy a house? ", approximately 28% of Gen Z, 21% of Millennials, and 8% of baby boomers answered "Yes".

On the other hand, 57% of Gen Z and 62% of Millennials believe that home ownership is for the middle class and above. The survey shows that 69% of people in these age groups believe that buying a home is more difficult for young people today than it was for previous generations.

Optimism about home ownership is declining due to high home prices and interest rates. "These are factors that are making it difficult for potential homebuyers to enter the market," said Jeffrey M. Jones, a representative of the market analysis and consulting firm Gallup.

A "For Sale" sign for a house in Colorado Springs, Colorado, June 2022. Photo: *ET RealEstate*

Maureen McDermut, director of real estate brokerage Sotheby's International, says early home ownership has been seen as an achievement for the upper class over the past five years. Market pressures and a shortage of affordable housing are making home ownership unattainable for the younger generation.

However, Millennials are in a more favorable situation despite the difficult economic conditions of the past 15 years.

A survey by the home rental app Rent Cafe revealed that 50% of Millennials in the US own homes, with those born between 1981 and 1996 accounting for 51.5%.

The number of Millennial homeowners increased by seven million by 2023. This was due to Covid-19, which provided them with low interest rates and the opportunity to suspend scholarship payments.

Real estate scarcity, rising interest rates, and the requirement to return to the workplace are limiting Gen Z. They make up a large proportion of renters, facing significant barriers to achieving their dream of home ownership.

According to a survey by the online housing platform Apartment List, only 42% of Millennials will own a home by age 30, compared to 48% of Gen X and 51% of baby boomers.

Ngoc Ngan (According to Newsweek )

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