Question

Home Buying 2024

Homeownership in the US is basically synonymous with the idea of the American Dream.

Homeownership has been way less accessible to millennials and gen Z than it was to their parents, in part because of dwindling housing supply. Please explain why younger generations were dealt this hand.
(1 paragraph min.)

Answer 1

[AI-generated answer — Bot GPT 3.5]

Younger generations have been dealt this hand of limited accessibility to homeownership for a variety of reasons. One major factor is the lingering effects of the 2008 recession, which caused many millennials and gen Z to enter the job market during a period of economic uncertainty and high unemployment rates. Additionally, stagnant wage growth and rising student loan debt have made it difficult for younger generations to save up for a down payment on a home. The increasing cost of housing in popular cities and regions has also priced many younger buyers out of the market. Finally, the rapid rise of technology and the gig economy has led to a shift in traditional employment structures, making it harder for younger generations to secure stable, long-term employment necessary for obtaining a mortgage.