An affordability crisis is making some young Americans give up on ever owning a home | CNN Business
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Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.

Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.

Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. While rates have come down slightly since then, home prices remain painfully elevated and a limited inventory of housing is still failing to keep up with demand. Such conditions mean that housing has become woefully unaffordable.

Falling mortgage rates in recent weeks have helped, but home prices could remain sticky, according to economists. It’s still a cruddy time to be hunting for a home, but it’s even worse for young, first-time buyers who need to save up for a down payment and build up their credit score during a time when Baby Boomers are refusing to part with their big houses.

The situation isn’t a whole lot better for renters, with rents barely coming down from record highs and half of tenants in that market saying they can’t even afford their payments.

The uneasiness over America’s affordability crisis is captured clearly in surveys and polls, but data that outlines the sentiment specifically among young people is limited.

  • Killing_Spark@feddit.de
    112·
    9 months ago

    The sheer “entitlement” of

    • Not wanting to lose social network
    • Not wanting to lose a job
    • Not being able to pay double rent + deposit + moving costs all in the same timeframe

    The “just move” crowd is so weird to me.

      • Killing_Spark@feddit.de
        8·
        9 months ago

        The whole point is that “just move” is certainly not a silver bullet, it should not be a thing at all, and it can be literally impossible for some people. What we need is rules against people being extortet out of their money via rent. Because that is what “not being able to afford” a place that you could afford previously is.

              • Killing_Spark@feddit.de
                71·
                9 months ago

                And you think sitting back and letting everything just happen is going to cause that cultural shift?

                • maness300@lemmy.world
                  15·
                  9 months ago

                  No, why would you think that?

                  My point from the very beginning has been to take matters into your own hands. Don’t sit around and wait for other people to solve your problems for you.

                  • Killing_Spark@feddit.de
                    81·
                    9 months ago

                    No your point was to “just move” and being less “entitled”. This is obviously a solution with a lot of flaws for a problem that is very much man made. Telling people to “just move” ignores this and dismisses the need for an actual solution, where the actual solution can only be implemented by banding together and not by individuals.