Homeownership within the US is principally synonymous with the thought of the American Dream. Proudly owning your individual dwelling, the story goes, confers each self-determination and safety — as an alternative of paying a landlord, you personal a rising asset that may type the bottom of your wealth. Homeownership is ingrained in US society; nearly all of American adults are householders.
However someplace alongside the road, one thing modified. Homeownership has been manner much less accessible to millennials and Gen Z than it was to their dad and mom, partly due to dwindling housing provide. However even inside that generational disparity, 2023 was a uniquely dangerous yr to attempt to change into a brand new house owner. Watch the video above to see precisely how dangerous, and why.
The US Federal Reserve’s financial information was the idea for lots of the charts on this video. Listed below are median dwelling costs, the house owner emptiness price, and mortgage charges. The US Census supplied historic median revenue information. The City Institute publishes a month-to-month housing chartbook, which is the place we received a number of the information on “worth tiers” in lively housing listings. And Zillow’s “affordability index” comes from this dashboard. (Within the time since we completed this video, the affordability index has gotten even larger.)
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