Many Gen-Xers and Millennials are concerned they’ll never be able to become homeowners.
Majority of Gen-Xers & Millennials Worried about Prospects of Homeownership
In a newly released study by LendingTree, an across-the-board 48% of all renters worry they’ll never be able to buy a home during their lifetimes.
Among that 48% of renters, 55% of Gen-X renters (ages 41 to 55 years old) and 42% of Millennial renters (ages 25 to 40 years old) are concerned about their homeownership prospects.
Jacob Channel, a senior economic analyst with LendingTree, said, “People in the midst of their careers, especially Gen-Xers in their peak earning years, are thinking, ‘If I haven’t bought a house at this point, it’s probably not going to happen.’”
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COVID Pandemic Exacerbating Rising Home Costs
Channel continued. “What (Gen-Xers and Millennial renters) have been seeing for a while now…is home prices rising really, really fast and wages not necessarily keeping up.”
Middle Class Depends on Home Equity
According to the Pew Research Center, the middle class in the US is much more dependent upon home equity as a source of wealth than wealthy families. Why? Middle class individuals and households generally do not own other and/or more diversified financial assets such as stocks and bonds that may quietly help generate wealth for them. Wealthy families do.
Real Estate Assets as Wealth Generators
According to data from the Federal Reserve, Americans held approximately $34T in real estate assets during Q1 2021. This $34T translated into approximately 23% of total household assets. Pew added that American households also had some $11T in total home mortgage liabilities.
Thanks to LendingTree, the Federal Reserve and CNBC.
