(AURN News) – A stark reality grips the country’s younger generations as they grapple with the out-of-control costs of housing. A recent poll conducted by Harris reveals a disheartening truth: 59% of Gen Z and millennials believe that splitting housing expenses is their sole pathway to tackling the escalating financial burdens. The American dream of homeownership feels increasingly out of reach for young adults, with 67% of millennial renters expressing deep-seated anxieties about ever achieving this milestone.
In a landscape where the median home sales price in January reached a staggering $379,100, according to the National Association of Realtors (NAR), the dream of owning a home is fast fading for many. Compounding this issue is the glaring shortage of affordable housing units nationwide, with the NAR highlighting a deficit of 5.5 million units. In the backdrop of this mounting crisis, unaffordable rents or mortgages loom large, acting as an insurmountable barrier to financial progress for over half of those surveyed in the Harris poll.
In response to the growing crisis, the NAR is urging policymakers to consider tax incentives as a means to help deal with the problem.
Click play to listen to the AURN News report from Jamie Jackson:
