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randi Ross, a 33-year-old Cherokee Nation citizen running for Tribal Council, has never considered homeownership. As an At-Large candidate representing tribal citizens outside the reservation in northeastern Oklahoma, she lives in Hawaii with her fiancé, who is stationed with the army. After he leaves the service, they'll decide where to live, but buying a home seems unlikely. "I've always thought I'd be a renter until I die," Ross said, echoing many millennials' mindset.
The cost of living has made homeownership feel out of reach for young people like Ross. It's not just the down payment that's the hurdle, but the fact that many live paycheck to paycheck due to unaffordable housing costs. Homeownership is often seen as a rite of passage and a way to build wealth, but new data suggests America is moving backward in making it possible.
According to the National Association of Realtors, Baby Boomers made up 42% of homebuyers last year, while millennials accounted for just 29%. The average age of first-time homebuyers hit an all-time high of 38, and only 24% of buyers were first-timers. Many young people are struggling to enter the market, while older generations have more success buying homes with cash.
Molly Goodman, co-founder of Abundant Housing Massachusetts, believes that residential construction has fallen short of demand for over a decade, making housing scarcer and pricier. The median-priced home today is $403,700, 80% higher than in 1984 when adjusted for inflation. Americans are also entering their working years with more student debt than ever before.
Nicole Robinson, a 26-year-old school administrator, told USA TODAY that many people her age have given up on homeownership due to high student debt. Her mother, a real estate agent, isn't as concerned about the statistics, but acknowledges that young people face significant challenges in affording homes. Brandi Ross believes that housing is increasingly bifurcated between those who can afford to buy and those who cannot, calling it a "policy failure."
