A recent study finds that younger homebuyers are working more or sacrificing travel and paying for major life events to be able to achieve the American dream.
To purchase a home, millennials and Gen Zers in America say they are working an extra job or side gig, delaying major travel plans and significant life events like getting married, or sacrificing elements of their social lives to cobble together enough money to get a place of their own, a Compare the Market survey of 1,012 American adults in October 2022 found.
According to the survey, 70.09% of those Americans aged 18-24 plan to buy a home in the next five years, as do 71.9% of those aged 25-34 and 62.79% of those aged 35-44.
The groups older than age 45 in the survey mostly said they were not considering a home purchase during the next five years.
Compare the Market is an Australian company that compares the costs of a variety of items and services for users to find them the best deals, according to the company.
The survey also polled more than 1,000 Australians and 1,000 Canadians.
According to the survey, the additional work and sacrifices younger prospective homebuyers are making are due to increasing inflation and housing costs, making it harder for them to enter the market.
The National Association of Realtors reported in March that the median price of an existing single-family home in the United States decreased slightly from 2022 by 0.2% to $363,000, helping to boost sales in February 14.5%, ending a 12-month slide, and representing the largest one-month growth since the pandemic in 2020.
"Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines," the organization's chief economist, Lawrence Yun, said. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing, and the local economies are adding jobs."
According to the report, housing inventory was still low in the U.S. in February with 980,000 units available, giving the country a 2.6-month supply with the average home remaining on the market for around 34 days.
"Inventory levels are still at historic lows," Yun added. "Consequently, multiple offers are returning on a good number of properties."
The share of first-time homebuyers, however, is the lowest since the association began tracking the data at just 26%.
"Owning a home provides a path to long-term financial security and is a vehicle by which to transfer wealth to future generations," NAR President Kenny Parcell said.
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