Gen Z putting homeownership dreams on hold

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 census data shows.

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Article URL : https://www.axios.com/2024/06/22/gen-z-homeownership-rent-prices