Millennials are most likely to face obstacles like student loan debt, high rents, and rising home prices when saving. However, a new report says that Generation X is having the hardest time saving up for a new home.
The National Association of Realtors report is based on survey data collected throughout 2017 from 4,000 non-homeowner respondents. Nearly half of Generation X respondents, 47 percent, said they were having trouble saving up for a down payment on a house, versus 23 percent of millennial respondents, Realtor.com reports. Gen Xers “are at an age where they may have children, car loans, credit card debt," says Jessica Lautz, NAR's managing director of survey research. "They're also less likely to be able to move back home [with their parents] to pay down debt."
And despite 82 percent of non-owners aspiring to own a home in the future, the main reason that many are unable to do so is because they can't afford it. Nationally, annual home list prices were up a median 7.8 percent as of Jan. 1, according to realtor.com data. "They believe that homeownership is part of their American dream," says Lautz. But "[they're] feeling priced out of the home-buying market."
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
