Home prices are climbing, inventory is drying up, and the housing market has become increasingly difficult, putting the American dream a little further out of reach.
Young adults aged 20 to 36 make up the biggest share of active buyers in the housing market, but because of intense competition, they are forced to make harder purchasing decisions, according to a Trulia report.
This report was based on a survey conducted online by The Harris Poll on behalf of Trulia from April 10 to 12, 2018, among 2,026 U.S. adults ages 18 and older.
Nearly 86% of Millennials plan to buy a home, the report shows. When broken down further, 35% plan to purchase one within the year, and 57% are aiming for the next two years.
However, 87% of millennials are encountering obstacles that have delayed these plans, which is more than any other generational group. According to the report, only 68% of Gen Xers and 47% of Baby Boomers experienced home buying set-backs.
Simply put, Millennials are facing issues that older generations avoided. Among Millennials planning to buy homes, 17% do not have a stable job and 15% still owe student debt. Surging home prices also contribute to their hesitation.
Faced with these pressures, 84% of Millennials said they would sacrifice trade-offs in the home and neighborhood just to make ends meet, whereas only 78% of Gen Xers and 65% of Boomers said the same, according to the report.
Although pressures of home purchasing are more prevalent for Millennials, many will continue searching for homes. Whether or not they have to compromise will depend on how soon they are willing to buy, how much debt they owe and if they have stable jobs.
