The “American Dream” of homeownership looks a lot different for Gen Z. While the majority of U.S. adults believe that homeownership is necessary to build wealth, only 42% believe that owning a home is affordable or will be in the future, according to a new survey by Northwestern Mutual. But among Gen Z, that number is surprisingly a little higher, with 52% saying a home is or will be financially affordable. (Though maybe they’re being optimistic for change down the line.) At the same time, more than half said they don’t have enough saved for a down payment currently. Other recent polling from The Harris Poll showed that Gen Z and Millennials feel the homeownership dream is slipping away entirely; most Gen Z agreed with the statement: “The American Dream of owning a home is dead.” Gen still Z views homeownership as an important step in their lives. (Newsweek, USA Today)
👀 Read more from YPulse: Gen Z Is Redefining When Adulthood Begins
