Most members of the Gen Z and millennial generations – U.S. adults between the ages of 18-25 and 26-41, respectively – do want to own a home someday, or even right now.
Their biggest roadblock is affordability, respondents said in a March Bankrate survey conducted by research firm YouGov.
The findings: Nearly three-quarters (74 percent) of American adults still view homeownership as a top hallmark of achieving the so-called American Dream, beating out the ability to retire (66 percent), a successful career (60 percent), and having children (40 percent).
Only 35 percent of respondents named obtaining a college degree as a key sign of economic success.
Specifically, among millennials, 65 percent identified homeownership as a top sign of success.
That number fell to 59 percent for Gen Zers — still a large figure and neck-and-neck with that generation’s top choice of having a successful career (60 percent).
The survey polled 2,529 adults, including 1,397 homeowners, in early March. Among the non-homeowners, nearly two-thirds said affordability was the main reason they hadn’t yet purchased a home.
Gen Zers largely said their income wasn’t high enough yet, while millennials primarily blamed rising home prices.
Either way, the sentiment is clear: More people would be buying homes if they could afford it.
This report’s information was first seen on CNBC; to read more, click this link.
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