The Homeownership Dreams Of Zoomers And Millennials Shattered By Prices | ZeroHedge
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Home prices and rent are
soaring faster than wages. This shattered home buying plans of generations Y and Z and
put them in a rent squeeze as well.
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Affordability
With the eldest Gen Xers now 56 years old, elder Millennials looking at 41 this year, and the forefront of Gen Z hitting 27 in 2022, homeownership rates among respondents from the three generations stand at 78%, 64% and 29%, respectively.
So, what’s keeping 22% of Gen X, 36% of Millennials and 71% of adult Zoomers out of the housing market?
The main issue is affordability.
Of all non-owners who participated in our survey, 53% view today’s housing market as just as inaccessible or even more inaccessible than in 2018, with Millennials most pessimistic. And, for those living with parents or other family members, the outlook is even more stark than it is for renters, with
59% of Millennials who live at home feeling that the prospect of homeownership is now even further removed.