Young adults in the U.S. are increasingly struggling to afford housing. According to a survey from the Pew Research Center, 89% of adults under the age of 40 say it’s harder for younger generations today to buy a home than it was for their parents’ generation, and when asking all adults, 87% agree that it’s more challenging for young adults.

Housing costs have moved up considerably, making purchasing a home especially challenging for younger buyers

To measure how housing affordability has changed over the years, the report looks at median home price-to-income ratios. The price-to-income ratio for households headed by those under 40 rose from 2.9 in 2019 to 3.5 in 2024.

As the price-to-income ratio has risen over the years, this means that monthly costs have also accelerated. For instance, in 2019, if a homebuyer made a 3.5% down payment and had a mortgage rate of 3.9% on a $269,600 home, their monthly costs would have been $1,689. By 2024, those figures looked much different. Assuming a 3.5% down payment and a 6.7% mortgage rate on a $350,000 home, a homebuyer in 2024 would have monthly costs of $2,776.

Most metros are unaffordable for younger adults

In 2019, 59% of U.S. metros with available data were very or somewhat affordable for households younger than 40. The other 41% were somewhat or very unaffordable. However, by 2024, just 39% of the metros were somewhat or very affordable, and 61% were considered somewhat or very unaffordable.

Additionally, there were four states in 2024 in which all metro areas with available data were deemed very unaffordable, including California, Hawaii, Nevada, and Utah.