Question
"How do you feel about the prediction that a large number of millennials and gen z's will most likely not be homeowners even in their life?" posed by
Response
I noticed that the housing prices in my town have gone up substantially and many families that live in large houses that are usually hard to sell, are selling their houses within days of being put on the market. Even houses that could be considered less "desirable" than other homes are selling quick at higher prices too. I can see how this is causing issues for millennials who are currently at the age for buying homes. This is currently making it difficult for millennials, who are starting to establish themselves, to purchase new homes with a great demand driving the prices up. An article by VOX Atlanta, explains how after the COVID pandemic, a large number of people, including millennials are living pay check to pay check. Thus another reason why it would be less likely for a millennial to buy a home. Living in an apartment or a house where you pay rent seems to make more sense and be safer if there is not steady flow of income. As the prices of houses goes up, it seems that it will never stop. However, I am not too concerned for Gen Z's buying houses. I hope that by the time Gen Z is of the age of buying their first homes, the housing market will correct itself, also giving millennials more options to purchase a home. It has been seen time and time again that rises of price and demand in the housing market will get steep, but eventually fall back to where they were before. Another reason that leads me to believe this was watching my neighbor sell their home. They were really motivated to sell their home quick due to the higher going prices and quick turn arounds, they did not want to miss this opportunity. Additionally I cannot imagine a world where there are very few home owners. With millennials and Gen Z being the current future of the United States and watching those before them own homes, I think that many people will work to own a home.
Work Cited
How will gen Z actually be able to afford a home? VOX ATL. (2021, May 4). Retrieved November 17, 2021, from https://voxatl.org/a-daunting-future-how-will-gen-z-actually-be-able-to-afford-a-home/.