{"id":76736,"date":"2023-09-07T05:30:09","date_gmt":"2023-09-07T12:30:09","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76736"},"modified":"2023-09-07T06:13:07","modified_gmt":"2023-09-07T13:13:07","slug":"gen-z-millennial-affordability-barrier-to-homeownership","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/gen-z-millennial-affordability-barrier-to-homeownership\/","title":{"rendered":"Redfin Survey: 1 in 5 Millennial Respondents Believe They\u2019ll Never Own a Home"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Roughly one in 10 Gen Z respondents believe they\u2019ll never own a home.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Affordability is the number-one barrier to homeownership for young Americans: About half of Gen Z and millennial respondents who don\u2019t plan to buy a home in the near future say it\u2019s because homes are too expensive.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">About one-third of Gen Zers and millennials say mortgage rates are too high to buy a home.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Of the Gen Zers and millennials who are planning to buy soon, about 2 in 5 are working side hustles to afford their down payment. Roughly one-quarter will use a cash gift from family.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nearly one of every five (18%) millennials and 12% of Gen Zers who replied to a recent housing survey believe they will never own a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079 U.S. residents who either moved in the last year, plan to move in the next year, or rent their home. This report focuses on the 1,340 Gen Z (aged 18 to 26) and 1,973 millennial (aged 27 to 42) respondents. <\/span><span style=\"font-weight: 400;\">The stat above is based on the following question: <\/span><span style=\"font-weight: 400;\">Do you believe that you will ever own your own home in the future? Respondents could choose \u201cyes\u201d or \u201cno.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lack of affordability is the number-one barrier to homeownership for young Americans. Roughly half of Gen Z and millennial renters who believe they\u2019re unlikely to purchase a home in the near future say the high price of homes on the market is blocking them from buying. That\u2019s the most commonly cited barrier, and it\u2019s followed by several other affordability-related reasons.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly half (46%) of millennials and one-third (33%) of Gen Zers say their lack of ability to save for a down payment is a barrier, and more than one-third of both Gen Zers and millennials say mortgage rates are too high. Roughly one-third also say they\u2019re unable to afford monthly mortgage payments. About one in five (21%) Gen Zers and 16% of millennials say they need to pay off their student loan debt before they\u2019re able to buy a home.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76737 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/barrier-to-homeownership.png\" alt=\"\" width=\"1430\" height=\"1101\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/barrier-to-homeownership.png 1430w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/barrier-to-homeownership-300x231.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/barrier-to-homeownership-1024x788.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/barrier-to-homeownership-768x591.png 768w\" sizes=\"(max-width: 1430px) 100vw, 1430px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">It has become much harder to afford a home since the pandemic began, especially for first-time homebuyers. Median home-sale prices are at record highs, up 40% since 2019. Wages have risen, too, but not as much: Average hourly earnings <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/CES0500000003\"><span style=\"font-weight: 400;\">rose roughly 20%<\/span><\/a><span style=\"font-weight: 400;\"> over the same period. Record-low mortgage rates and the increasing prevalence of remote work during 2020 and 2021 fueled intense homebuying demand, which drove prices up. Now, rising mortgage rates have exacerbated the expense of owning a home. Mortgage rates have more than doubled from their low, hitting their <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">highest level<\/span><\/a><span style=\"font-weight: 400;\"> in more than 20 years in August, while home prices remain high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe worsening housing affordability crisis has an outsized impact on Gen Zers and millennials because they\u2019re much less likely to own a home than older generations,\u201d said Redfin Chief Economist Daryl Fairweather. \u201cThat means many young Americans don\u2019t benefit from rising home prices by gaining equity. Instead, these would-be first-time homebuyers bear the burden of high prices, high down payments and high monthly mortgage payments, without profits from a previous home to offset the cost. Many young people don\u2019t have a choice between renting and buying. They\u2019re renting their home because even though rent payments have increased, too, it\u2019s still <\/span><a href=\"https:\/\/www.redfin.com\/news\/rent-vs-own-2023\/\"><span style=\"font-weight: 400;\">more affordable<\/span><\/a><span style=\"font-weight: 400;\"> than buying in much of the country\u2013and renters don\u2019t need a down payment.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-millennial-homeownership-rate-home-purchases\/\"><span style=\"font-weight: 400;\">one-quarter (26%)<\/span><\/a><span style=\"font-weight: 400;\"> of Gen Z adults and half (52%) of millennials own their home, compared to 71% of Gen Xers and 79% of baby boomers.\u00a0<\/span><\/p>\n<h3>Roughly 40% of Gen Zers and millennials are working second jobs to save for their down payment, and about one-quarter plan to use a cash gift from family<\/h3>\n<p><span style=\"font-weight: 400;\">Of the young Americans who <\/span><i><span style=\"font-weight: 400;\">are <\/span><\/i><span style=\"font-weight: 400;\">planning to buy a home in the next year, many are turning to side hustles for their down payment. About two of every five Gen Zers (41%) and millennials (36%) say they\u2019ll work a second job to help fund their down payment, the most commonly cited method aside from saving directly from paychecks.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76738 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/save-for-down-payment.png\" alt=\"\" width=\"1413\" height=\"1091\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/save-for-down-payment.png 1413w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/save-for-down-payment-300x232.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/save-for-down-payment-1024x791.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/save-for-down-payment-768x593.png 768w\" sizes=\"(max-width: 1413px) 100vw, 1413px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Roughly one-quarter of Gen Z (28%) and millennial (23%) homebuyers expect to receive a cash gift from family for their down payment, while 20% of Gen Zers and 15% of millennials plan to use an inheritance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Young Americans also cite investments as a way they\u2019ll fund down payments. Just over 20% of both Gen Zers and millennials plan to sell stock, and roughly 15% of both generations plan to sell cryptocurrency.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Roughly one in 10 Gen Z respondents believe they\u2019ll never own a home. Affordability is the number-one barrier to homeownership for young Americans: About half of Gen Z and millennial respondents who don\u2019t plan to buy a home in the near future say it\u2019s because homes are too expensive.\u00a0 About one-third of Gen Zers and [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623,35],"dashboard":[],"coauthors":[124],"class_list":["post-76736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national","tag-redfin-surveys"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Redfin Survey: 1 in 5 Millennial Respondents Believe They\u2019ll Never Own a Home - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Roughly one in 10 Gen Z respondents believe they\u2019ll never own a home. 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