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Monday, June 24th, 2024

Gen Z putting homeownership dreams on hold

Author:     Sami Sparber
Source:     Axios
Publication Date:     Jun 22, 2024
 Link: Gen Z putting homeownership dreams on hold
Stephan:  

Because of the endless greed of American corporations, the Great Schism Trend, the lack of universal birthright single payer healthcare and the cost of every aspect of healthcare, as well as the grotesque wealth inequality, and what climate change is doing, the culture of the United States is radically changing, and not in a good way. Like many of my friends, I bought my first house in 1971 when I was just 29 much like the generation described in this piece. It was in Chevy Chase, Maryland, a very desirable location just outside of D.C.. It cost $48,000 with a $5,000 down payment. The house is now appraised at $790,000, and I doubt many 29-year-olds would have the money to afford that today.  This article on home ownership is based on actual research and describes the nature of our society today, and it is not a happy story.

Illustration: Maura Losch/Axios

Steep housing costs are putting Gen Z’s homeownership dreams on hold.

The big picture: Gen Zers, roughly those aged 12-27, feel deeply pessimistic about the world around them, Axios’ Erica Pandey reports.

What they’re saying: “There’s nothing left to put away for a down payment” after shelling out for rent and other bills, and saving for retirement, Minneapolis renter Jaylen Santos, 23, tells Axios.

  • Unless someone’s married or they get homebuying help from family, “I don’t see how Gen Z can afford it,” Dallas renter Annabelle Hull, 22, says.
  • Some say they’d rather rent in buzzy neighborhoods than cough up for houses further from the action.

State of play: Many younger adults are struggling to swing pricey rents and are returning to their childhood bedrooms or basements. Others are splitting the bill with roommates.

  • Over half of U.S. adult men (57%) and women (55%) under 25 lived in their parents’ home in 2022, an arrangement that’s become more common in the past several decades, new […]
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