Housing Dreams Dashed: Sky-High Prices Put Homeownership Out of Reach for Many Young Americans
• Mortgage rates surged recently, making home prices unaffordable for many young Americans who now feel that owning a home is out of reach
• High rents and other expenses make it difficult for young people to save up for a down payment, with some not having saved anything at all
• Some young people are resigned to living with parents or not having kids due to the housing crisis
• There is some optimism that the Fed cutting interest rates could improve affordability, but economists say prices will remain high
• Possible solutions include building more affordable housing, saving now in anticipation of better conditions in 2025, or considering alternatives like condos, townhomes, or newly built homes