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mericans are making significant sacrifices just to keep a roof over their heads. A recent Redfin survey found that more than 44 % of U.S. homeowners and renters struggle to meet mortgage or rent payments. As a result, many skip dining out and vacations. Even more concerning, a Redfin‑commissioned Ipsos study of over 4,000 residents shows that people are postponing major life milestones—marriage, children—echoing Fortune’s earlier reports on Gen Z and millennials delaying the American Dream.
Redfin says these homeowners and renters “illustrate the lengths people will go to cover housing costs.” While owning pets has become a substitute for children among younger generations, the cost of pets plus housing has pushed some to stay in relationships longer than they would otherwise, or to forgo pets entirely.
The report lists common compromises:
- Moving in with parents, other family members, roommates, or a partner
- Giving up pets
- Cutting or delaying college savings for children
- Postponing having a child
- Sending children to low‑rated schools
- Living with grown children
- Delaying divorce or separation
Housing affordability has also shrunk the pool of first‑time buyers. In 2004, nearly 3.2 million first‑time buyers entered the market; by late 2024 that number fell to just 1.14 million, according to NAR data shared with Fortune. “The housing ladder is being reshaped,” says Alexandra Gupta of The Corcoran Group. “Many first‑time buyers are turning to long‑term rentals or co‑living, while others lean on family support.”
Wage growth has not kept pace with the 50 %+ rise in home prices since the pandemic, leaving many unable to afford a purchase. Younger buyers are responding by co‑buying with friends or family. “Co‑buying reflects both market constraints and the ingenuity of this generation,” notes Niles Lichtenstein, CEO of Nestment.
