Younger Americans facing growing challenges to afford a home
According to the data, home prices increased sharply in recent years.
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A new study shows it’s getting harder for younger Americans to buy a home.
A Pew Research report finds people under 40 are facing more challenges compared to previous generations.
According to the data, home prices increased sharply in recent years.
Median home values rose 30% between 2019 and 2024.
During that same time, household incomes for young adults only grew about 9%.
Mortgage rates also jumped, rising from about 3.9% to 6.7%.
The gap between rising costs and slower income growth is making it harder to afford a home.
Researchers say saving for a down payment remains a major hurdle.
Two years ago, about 7 in 10 renters under 40 said that coming up with a down payment was their biggest challenge.
Experts say these trends are making homeownership less attainable for many younger buyers.
