Nearly half of millennials say the cost of living keeps them from buying a home.
“Forty-five percent of people aged 23 to 38 say high living costs stop them from owning a house,” Bankrate said in a survey.
https://www.bankrate.com/surveys/down-payment-survey-september-2019/
Only 38% of Gen X and 31% of Baby Boomers said the same. Bankrate also found that more millennials are pulling money from their retirement savings to help with down payments.
https://www.bankrate.com/mortgages/millennials-and-homebuying/
Another report shared by Barron’s said, “58% of non-homeowner millennials think they’ll never be able to afford a home.”
https://www.barrons.com/advisor/articles/never-buy-a-home-cac908a1
Zillow added that the average first-time buyer is now in their late 30s. Many feel stuck renting because home prices keep rising, and wages have not caught up.
https://www.zillow.com/research/zillow-home-buying-trends-2024-32569/
Even though 74% of millennials still say owning a home is part of the American Dream, the numbers show they are falling behind.