A
mericans are postponing marriage, children and career moves until they can secure a home, a Coldwell Banker Affiliates study shows. The median age of first‑time buyers has risen to 40, pushing major life milestones and the chance to build equity further into the future.
Despite the housing affordability crunch, 72 % of millennials and 70 % of Gen Z expect to purchase a home within the next five years. Many are ready to make sacrifices—taking on a second job, co‑buying with family or friends, or settling for a less desirable property—to reach that goal. In fact, 84 % of Gen Z are delaying significant life decisions until they can afford a house.
The report, titled the American Dream Report, found that 71 % of Americans seeking homeownership are holding off on big moves such as marriage, having children or changing jobs until they can close on a property. Homeownership remains the top component of the American Dream for more than half of the 3,000 adults surveyed, surpassing having children, starting a career or retiring by 67.
About one in five respondents said they are putting marriage or children on hold to achieve homeownership. Smaller percentages are delaying job changes (17 %) or entrepreneurship (15 %). Jason Waugh, president of Coldwell Banker Affiliates, noted that while housing is a cornerstone of personal and financial stability, postponing major life events to buy a home shapes household formation and consumer behavior.
The shift is stark compared to 45 years ago, when most could afford a home by their late twenties. Today’s first‑time buyers are 10 years older, and the National Association of Realtors (NAR) estimates that buying at 40 instead of 30 could cost a typical starter home owner roughly $150,000 in lost equity.
Housing remains largely unaffordable. Although inventory has risen, the share of first‑time buyers is at a record low of 21 %. The median existing home price exceeds $410,000, leaving many middle‑income households out of reach and low‑income families with little chance of purchase. All‑cash buyers are at an all‑time high, and homeowners have accumulated an average of $140,900 in equity over the past five years, according to NAR. Some use these gains to avoid taking out a mortgage on their next purchase.
Even amid these challenges, the desire to buy persists. The NAR’s 2025 Profile of Home Buyers and Sellers reports a deficit of more than 400,000 affordable homes for the middle‑income bracket. Solutions proposed include adding affordable housing, reforming zoning regulations, and modernizing construction methods to accelerate and reduce costs. Gen Z voters identified housing affordability as the top issue in the 2024 election, with 91 % of those surveyed by Redfin saying it influenced their vote.
To make the dream attainable, 42 % of respondents are willing to take on multiple jobs, 35 % would purchase a less ideal home or relocate to a cheaper area, and over a third are open to co‑buying with family or friends—63 % of Gen Z are particularly receptive. About one in five Gen Zers already live with parents to save for a home.
Waugh summed up the sentiment: “The desire for homeownership is so strong that many Americans are restructuring their lives to make it a reality, even as affordability remains a significant hurdle.”
