Americans are living through one of the toughest housing markets in recent memory. It’s even tougher for young people who need to save up for a down payment, build up their credit score and jump through various other hoops before owning a home.
Home prices are rising faster than wages, mortgage rates are still hovering near 23-year highs and many Boomers across the country are refusing to sell their homes. The National Association of Realtors’ affordability index — which takes into account mortgage rates, family incomes and home prices — has been hovering near decades-lows.
Homeownership is arguably a key part of the so-called American Dream, but for young people, it might be just that — a dream. We’d like to know how Americans younger than 31 are planning for their future given that it has become so unaffordable to own a home nowadays.
Have you given up on ever owning a home? Are you planning to rent forever and just spend your money on traveling? Do you plan on staying at your parents’ place for longer than you’d like? Or are you planning to eventually move somewhere more affordable?
Tell us here.
