Homeownership within the US is principally synonymous with the thought of the American Dream. Proudly owning your personal house, the story goes, confers each self-determination and safety — as a substitute of paying a landlord, you personal a rising asset that may kind the bottom of your wealth. Homeownership is ingrained in US society; nearly all of American adults are owners.
However someplace alongside the road, one thing modified. Homeownership has been approach much less accessible to millennials and Gen Z than it was to their mother and father, partly due to dwindling housing provide. However even inside that generational disparity, 2023 was a uniquely unhealthy yr to attempt to grow to be a brand new home-owner. Watch the video above to see precisely how unhealthy, and why.
The US Federal Reserve’s financial knowledge was the premise for lots of the charts on this video. Listed here are median house costs, the home-owner emptiness charge, and mortgage charges. The US Census supplied historic median revenue knowledge. The City Institute publishes a month-to-month housing chartbook, which is the place we acquired a number of the knowledge on “value 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 increased.)
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