Pew Survey Finds 87% Say Buying a Home Is Harder for Young Adults
Updated
Updated · Pew Research Center · Jul 17
Pew Survey Finds 87% Say Buying a Home Is Harder for Young Adults
1 articles · Updated · Pew Research Center · Jul 17
Summary
A Pew Research Center survey of 10,091 U.S. adults found broad majorities saying young adults face tougher financial milestones than their parents, including buying a home, paying for college, saving and covering basic expenses.
Homebuying drew the bleakest view: 87% said it is harder today, while 82% said paying for college is harder, 82% said saving for the future is harder, and 80% said covering basic expenses is harder.
Job-market pessimism rose the most since 2021, with 64% now saying it is harder for young adults to find a job, up from 39%, while the share calling it easier fell to 15% from 40%.
Young adults themselves were even more downbeat: 75% of those ages 18 to 29 said finding a job is harder, compared with 66% of adults 30 to 49 and 58% of those 50 and older.
Pew linked the sentiment to rising living costs and affordability strains, noting home prices have outpaced young adults' incomes and earlier research showed higher student and mortgage debt than in past generations.
Beyond finances, how is this economic pressure reshaping young Americans' decisions on marriage, family, and well-being?
With home prices outpacing wages, is the dream of ownership now mathematically impossible for an entire generation?
As young adults turn to crypto and betting, what does this reveal about their faith in the traditional economy?
Outpriced: The Growing Homeownership Gap for Young Americans in 2024 and What’s Driving It
Overview
Young adults today face unprecedented challenges in achieving homeownership, as fast-rising home prices and costs have outpaced income growth, making the traditional path to buying a home much harder than for previous generations. This widening gap is driven by a complex mix of economic realities, including the burden of student loan debt and escalating expenses like mortgage rates and insurance. As a result, many young people are rethinking whether homeownership is a good investment, with some delaying or abandoning the goal altogether. These trends signal a significant shift in accessibility and may lead to lasting changes in the housing market.