Many millennials and members of Gen Z aspire to own a home in the future, but the current reality is that ownership remains is a distant dream for most — well out of their financial reach.
These generations find themselves at a crossroads, perhaps destined to never accumulate the necessary savings to purchase a home. Young people are trapped in a vicious cycle that includes using most of their wages for to pay rent.
Job instability, persistent economic downturns and astronomical housing prices have rendered buying or renting a home nearly impossible.
“It’s very difficult for young people to rent a house because of the high cost of renting [and paying] three months in advance,” said real estate agent Erika Fuentes. “It’s hard for young people to get the money.”