Home Buying 2024 construct an educated argument, counter argument or descriptive overview. Please be sure to describe your perspective on the content while also providing supporting evidence verifying your claims!

Question

Home Buying 2024 construct an educated argument, counter argument or descriptive overview. Please be sure to describe your perspective on the content while also providing supporting evidence verifying your claims!

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

One of the main reasons why homeownership has become less accessible to millennials and gen Z is due to the increase in housing prices compared to stagnant wage growth. According to the National Association of Realtors, the median home price in 2020 was $320,000, which is significantly higher than previous generations. Additionally, student loan debt has played a significant role in hindering younger generations from saving for a down payment. The average student loan debt for the class of 2019 was $30,062, making it difficult for many young people to afford the upfront costs of homeownership. Lastly, many cities are experiencing a housing shortage, leading to increased competition and higher prices for limited inventory. This perfect storm of factors has made it increasingly challenging for millennials and gen Z to achieve the American Dream of homeownership.