this post was submitted on 03 Feb 2024
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388
An affordability crisis is making some young Americans give up on ever owning a home (www.cnn.com)
submitted 9 months ago by MicroWave@lemmy.world to c/news@lemmy.world
108 comments fedilink hide all child comments
 

Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.

Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. While rates have come down slightly since then, home prices remain painfully elevated and a limited inventory of housing is still failing to keep up with demand. Such conditions mean that housing has become woefully unaffordable.

Falling mortgage rates in recent weeks have helped, but home prices could remain sticky, according to economists. It’s still a cruddy time to be hunting for a home, but it’s even worse for young, first-time buyers who need to save up for a down payment and build up their credit score during a time when Baby Boomers are refusing to part with their big houses.

The situation isn’t a whole lot better for renters, with rents barely coming down from record highs and half of tenants in that market saying they can’t even afford their payments.

The uneasiness over America’s affordability crisis is captured clearly in surveys and polls, but data that outlines the sentiment specifically among young people is limited.

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[–] Killing_Spark@feddit.de 0 points 9 months ago

I mean, you support the disparity in wealth when you think you deserve more before others who have less.

That is just... mathematically wrong.

If living in cheaper areas isn’t good enough for you, why should you get more before the people who live in these places? You already have more than them, but you think you deserve even more without being able to afford it.

What you are doing is textbook for trying to make the lower classes fight amongst themselves. Yes there are disparities between the people belonging to one class but they are way way smaller than the disparities between the classes. It's also a strawman argument. Just saying "I don't want to be priced out of my home" is not asking for more. It's literally asking for no change.

That’s textbook entitlement and hypocrisy. This is why you people get mad whenever I suggest moving to cheaper areas. You don’t want to acknowledge your own contribution to the problems.

I get mad because you identify the wrong problem. The problem is not with people not wanting to leave their homes the problem is with the system pricing people out of their homes.