Thehousing affordability crisisisn’t just a minor talking point in this year’s presidential election.
It’s a major economic problem for young voters like me.
Owning a home represents a path toward long-term financial stability andwealth.
Yet for most of us, the prospect ofhomeownershipfeels like a long shot.
“That has made them painfully aware of the impact housing has on their lives.”
It’s also led to apathy among younger generations, who watch economic headwinds come one after another.
Homeownership can feel like an impossibility unless you have the benefit of generational wealth and guidance, said Webb.
Today’s housing market isn’t the sameone our parents and grandparents experienced.
Those factors are made worse by the increased cost of consumer goods and services, aka inflation.
Likewise, an increasing number of young adults are turning to live with family.
Meanwhile, wages only grew 20% for the same period.
Now, it’s closer to $2,200 a month.
Carter told me he and his peers have had to make difficult trade-offs to compensate.
Many financial analysts would argue that the economy is robust.
On paper, unemployment is relatively low, wages are increasing and inflation is cooling.
Yet today’s housing affordability crisis is a more accurate reflection of how younger generations view the economy.
In recent months, Vice President Kamala Harris and former President Donald Trump have proposed lowering housing costs.
But I think that’s kind of gotten lost," McCoy said.
On the demand side, Harris said she would provide $25,000 in down payment assistance for first-time homebuyers.
Right now, both plans are merely campaign rhetoric.
The federal government could, however, influence the direction of those policies via tax incentives or other funding.
“It’s not that addressing housing affordability is difficult.
It’s just that it hasn’t been a priority,” said McCoy.
Crafting, strengthening and implementing effective housing policies won’t happen overnight, particularly with a divided Congress.
But over the last roughly three decades, themedian wealth gap between homeowners and rentershas increased by 70%.
If housing doesn’t become more affordable, that gap will only widen.
Coladonato said having a better understanding of the homebuying process makes her feel more confident about her prospects.
“Part of that comes from my industry experience.
I know what programs and resources are available for homebuyers, especially forfirst-time buyers,” she said.
Neither aremortgage ratesor home prices.
“That’s not to say it isn’t a tricky market.
