According to a 2023 study by Home Bay, the value of houses in the United States surged by a jaw-dropping 162% since 2000, vastly outpacing the modest 78% increase in income. What's more, since 1985, house prices have skyrocketed twice as fast as the rate of income.
According to a 2023 study by Home Bay , the value of houses in the United States surged by a jaw-dropping 162% since 2000, vastly outpacing the modest 78% increase in income. What's more, since 1985, house prices have skyrocketed twice as fast as the rate of income.
Millennials' Desire for HomeownershipMillennials face considerable hurdles in achieving homeownership. Real Estate Witch reports that around 78% of the generation still views homeownership as a fundamental part of the American dream, but financial realities now temper their optimism. Research shows that 10% of millennials anticipate postponing weddings to prioritize homeownership. Experts understand why the generation is sidelining their wedding budget in favor of homeownership, as the average cost of a hometown wedding costs the betrothed $33,300, not including honeymoon funds.
Additionally, home prices outpace income growth twofold, a spike of 162% since 2000. With the median U.S. home price at $433,100, homeownership remains out of reach for many millennials burdened by student loan debt and stagnant wages. Drastic Measures Taken by MillennialsMillennials report resorting to extreme measures to achieve homeownership. In their bid to secure a spot in the housing market, millennials undertake additional responsibilities and burdens. These may include:
In response, 50% are saving more, 40% are expanding their budgets, and 33% are delaying their homebuying plans. The widening gap between home prices and income growth exacerbates their concerns, fueling apprehensions about the feasibility of homeownership.
Affordable Housing Millennial Politics Home Bay Millennials In The United States The Economy Finance Sociology Trade Banking Construction Industry
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