The millennium generation has finally become a owners of homes in about 40 years – Gen Z may have to wait for two other decades before opening the American dream

This is because the home buyer’s share for the first time amounted to the lowest level ever in the past year since the National Association of Real Estate Bidgers began to track data in 1981. It did not represent about 1.14 million new buyers 24 % of the market share, a decrease of 32 % in 2023, according to Report from fire.

It is not only a number of Americans who buy new homes, but homeowners are also advancing.

In the eighties of the last century, the model of the model house was in late twenties: a full contract from today’s group. Today, the average age of Jupiter for the first time increased to 38 years in 2024, compared to 35 years in the previous year, which says the report, “The obstacles to entering the housing market.”

Gen Z, who suffer from unemployed and debt, may have to wait longer to reach the real estate ladder-that is, if they can get it at all.

Why does the American dream die for home ownership for Gen Z

Just five decades ago, having a house and achieving financial security was a reality for many in the twenties. But Gen Z faced unique economic and market challenges that hinder them from stable housing.

“Every year it provides new opportunities and challenges for buyers and sellers,” the report says. “This year, this year highlights the difficulty of facing home buyers amid a crisis of ability to withstand housing costs with the limited housing stock.”

Real estate mortgage rates are still Very high in About 7 %, while the average price for the house is currently more than $ 422,000, according to NAR data. But it is difficult for Gen Z to go out for payment, when millions of workforce are closed.

About 58 % of students who graduated last year They are still looking In their first job, compared to only 25 % of the former graduates, including the millennial generation, the general xAnd Baby Boomers. With only 12 % of GEN Z work full -time around their graduation ceremony, many are forced to spend As long as a year Apply to roles in a difficult job market, with some young people progress To more than 1700 jobs. This has left many Gen Z graduates In the case: Not in employment, education or training.

Even those lucky people are enough for a job, research shows that new graduates only Win $ 68400 annually – all the time carry Average $ 94,000 in personal debt on their backs.

Children holds the keys to ownership of the house in Gen Z

Even if Gen Z can bear the costs of his home, there is not enough homes to wrap. The American market was short 4.9 million housing units in 2023 for the middle of the first decade of the twentieth century, According to the data From Brookings. Meanwhile, only 1.45 million new homes have been completed that year – and children’s children pick up many of them.

The older generation currently represents about 42 % of all home buyers, an increase of 31 % last year, continuing to control the American housing market. But children’s children are not only buying a single house to live during retirement – they buy many homes At a rate higher than Millennium home buyer. The average age for frequent buyers reached a historical rise in 61 last year.

But the American dream may not end for Gen Z – very late. Within two decades, Gen Z can live a completely different lifestyle. The young generation holds only 9 trillion dollars In income a Two years ago, but by 2030, it is expected to achieve $ 36 trillion, and by 2040, this number rises to 74 trillion dollars.

This will make Gen Z the richest generation in the next twenty years; Only, they will come to wealth while they are 50 years old, compared to children’s diseases who bought their first homes in their twenties.