Homeownership Out of Reach for Millennials and Zoomers

Many of us may blow the news off as sensational reporting. It’s easy to find a struggling millennial and cherry-pick their story or twist statistics to tell the story you want to tell.

It’s Not Happening

The only way I can afford to have a home at this point is if I buy raw land, harvest, and process the trees to build it myself,” said one, receiving 1000 upvotes for their brutal honesty.

The Process Works Against Us

Some shared that they can easily afford a mortgage payment, but other parts of the process prohibit them from owning a home.

Mortgage Lenders are Too Picky

“I can afford to pay 10,000$ a year on rent but the bank doesn’t think I can afford 7,000$ a year mortgage.” said one user, befuddled that lenders don’t look at the whole situation.

Exploding Prices Put Homeownership Out of Reach

Other users lamented skyrocketed housing costs, saying that rising rents and exploding home prices put ownership out of reach.

Some Millenials Got In Before The Hype

We used an FHA loan to buy one in 2014. The only costs that came out of pocket were $500 for due research and about $2,000 for the lawyer. 

Others Made It Work in the Past Few Years

I had to put down $50,000 to do it. Another person replied, "I won't go into details about how I got that $50,000, but I can damn sure guarantee the average millennial/genz doesn't have $50,000 to drop."

Location Location Location

Others shared that it may be impossible to buy a home in “hot” markets, but many places in the States are still affordable.

Housing Continues to Be a Problem

Most young Redditors agreed that the skyrocketing cost of housing, rent, and living in general are causing massive problems for the younger generations.

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