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Young renters are losing hope that they’ll ever be able to own their own home.

Apr 21 2022

Young renters are losing hope that they’ll ever be able to own their own home. An annual survey by the Federal Reserve Bank of New York polling 308 renters found that their confidence for one day being able to own a home has hit a record low, with half of respondents saying the odds they would be able to achieve this life milestone is 41% or less—marking the lowest confidence score the Federal Reserve Bank has logged since adding housing market sentiment to its survey eight years ago. Young homebuyers are the least optimistic about the housing market according to the survey. Meanwhile, a December 2021 Clever survey found that more than half of Millennials didn’t have enough in savings to cover a down payment. Though Millennials now make up the largest share of homebuyers in the U.S., they’re entering the market at a time when prices are ballooning, so it’s only natural that they—and fellow Millennials who are renting—are less than satisfied with their options right now. YPulse research shows buying a house / apartment is one of 13-39-year-olds’ top financial goals this year. (Business Insider)