Fast Rising Home Prices Continue to Price Out Young Americans

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The American Dream has long entailed the fabled suburban home with a white picket fence, car in the driveway, and kids happily playing in the mowed grass of a well-cared-for lawn.

However, while that idyllic image is still burned into the public consciousness as part of the vision of success and happiness, it’s quickly becoming a remnant of halcyon days.

Why? Because many young Americans, financially crushed by debt, declining job prospects, and rapidly rising home prices, have been priced out of a central component of the American Dream, with their enthusiasm for it dampened as a result.

Evidence for that comes from PropertyShark, which reports that:

Today, Millennials are still pessimistic about the possibility of homeownership, and Gen Z’s dreams have also been dampened. 

[…]Gen Z’s wild optimism expressed in our previous study seems to have been subdued, as only 29% of adult Zoomer respondents are now homeowners, whereas 83% of them expressed a desire and plan to enter homeownership within five years of 2018. However, today, nearly one in four Zoomers in our respondent pool lives with their parents and one-third are renting.

[…]As for the pandemic’s long-term effects on housing plans, Gen Xers seem to have been the least affected, with 78% reporting no impact whatsoever on their homeownership plans, compared to 61% of Millennials and 58% of Zoomers surveyed. At the same time, 21% of Millennials and 27% of Gen Z reported having to delay buying, as opposed to 13% of Gen X. At 8%, Millennials also reported the highest figure for those who ended up purchasing a home sooner than planned due to the pandemic.And what’s the problem? Affordability. Again according to Property Shark:

So, what’s keeping 22% of Gen X, 36% of Millennials and 71% of adult Zoomers out of the housing market?

As expected, the main issue is affordability. Of all non-owners who participated in our survey, 53% view today’s housing market as just as inaccessible or even more inaccessible than in 2018, with Millennials most pessimistic. And, for those living with parents or other family members, the outlook is even more stark than it is for renters, with 59% of Millennials who live at home feeling that the prospect of homeownership is now even further removed. 

What that means is that while over 80% of Gen Z would like to own a home, under 30% of that generation is able to do so, mainly because of affordability.

Young Americans, unable to compete with the deep pockets of hedge funds, real estate investment groups, and even foreign capital, are being priced out of their homes by oligarchs hoping to make a nice return on their investment by making the American Dream unobtainable.

Many present the home crisis as one of zoning: “if only more multi-family buildings could be built where neighborhoods currently exist,” the thinking goes, “then everyone would be happier because they could live in an apartment.”

But that’s not the reality; Zoomers and Millenials don’t want to live in an ant-like apartment facility, crammed into their pods while the oligarchs live in gated mansions. They want the opportunity to live like their ancestors, raising families in a nice, suburban home with a lawn and fence.

If the anger is to be stemmed, finding a way to build more homes, not apartments, is necessary.

By: Gen Z Conservative, editor of Follow me on Parler and Gettr.

This story syndicated with permission from Will – Trending Politics

Notice: This article may contain commentary that reflects the author's opinion.

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