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.
To the question " Are you confident you can afford to buy a home? ", about 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 found 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 homeownership is being dampened by high home prices and interest rates. “These are factors that are keeping potential home buyers out of the market,” said Jeffrey M. Jones, a representative of the market analysis and consulting firm Gallup.
A house for sale sign in Colorado Springs, Colorado, June 2022. Photo: ET RealEstate
Maureen McDermut, director of Sotheby's International, said home ownership had become a status symbol for the upper class over the past five years. Market pressures and a shortage of affordable housing were putting home ownership out of reach for younger generations.
However, the Millennial generation is in a better situation despite the difficult economic conditions of the past 15 years.
A survey by the home rental app Rent Cafe shows that 50% of Millennials in the US own homes, with those born between 1981 and 1996 accounting for 51.5%.
Millennial homeowners will increase by seven million by 2023. Thanks to Covid-19, they have low interest rates and student loan repayment breaks.
A real estate shortage, rising interest rates, and limited return-to-work requirements are holding Gen Z back. They are a large portion of renters, facing barriers to achieving their homeownership dreams.
A survey by online housing platform Apartment List predicts that by age 30, only 42% of Millennials own a home, compared to 48% of Gen X and 51% of baby boomers.
Ngoc Ngan (According to Newsweek )
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