Homeownership remains a key benchmark for younger Americans, yet many encounter numerous hurdles immediately upon entering the market.
Some need help from their parents to meet basic down payments to qualify for a mortgage, while all enter right into a housing market where inventory is historically low.
First time homebuyers deal with these issues while facing rising inflation, growing interest rates, and a supply crunch that leaves them wading through an ultra-competitive market in search of housing suitably priced for first-time owners.
Despite the drastic changes in the housing market and the strains of inflation, recent polling shows most American adults view homebuying as a hallmark of the American dream. Around 65 percent of Millennials and 59 percent of those in Gen Z put homeownership as a fundamental marker of success.
But their main barrier is affordability, whether due to their own incomes or the cost of a home.
Read the full article on The Hill
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