Is buying a home “unrealistic” for young people? More than two-thirds of Americans say “yes!” Still, younger generations remain resilient, according to our latest Homeownership Survey. Explore this trend and more: https://on.citi/4fY7Xkk
Andy Nguyen
1mo
Planning to buy and being able to are different things. I get plenty of inquiries from folks planning to buy, but there’s typically an obstacle. The most common obstacle faced by the younger generation is financial. Whether it be income, credit, or down payment. Its getting harder for younger folks, especially those still single, to purchase a home. It’s a nice thought that many are planning to buy homes, but we need to have conversations on making that happen.
Steve Otten
1mo
Let's get in a time machine. 1996. My income Average $45k First house $165k 20% down $33k Mortgage $132k Student loan $6k Interest rate 7.5% Taxes $5k a yr Insurance $800 a yr.
Laura Gray
1mo
I find this a very broad generalization, especially since their sample group is from targeted regions with some of the highest housing costs in the nation - LA, New York and the Bay Area. Affordability is going to vary by region, so if you, or someone you know, are interested in purchasing a home your best bet is to start by talking to someone with LOCAL market knowledge, whether that be a Realtor or a local Lender.
In 1995 I was able to buy my first home. I was making $20,000 yearly as a teller. Interest rate was 8.1% my 1978 Split entry home 4 bedroom 2 bathroom cost $89,900. Democrats have ruined the American dream for our children.
Edith Brown
1mo
I agree!
Very helpful
💯
Very insightful!
Digital, Technology and Global Transformation Leader
1moIt is very unrealistic for first time home buyers due to high prices, high interest rates and student loan debt. Need $200,000 or combined income as afirst time buyer or family who can provide huge down payment. Interest needs to be to come down to 5% range for more buying power. I predict that next generation will be living at home with parents longer and or you will start to see Tiny homes in the back yards across America to young adults to live.