Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It Today - Seite 2

The situation is especially dire for first-time buyers, who haven’t built up equity from the sale of a previous home. Nearly 40% of U.S. renters don’t believe they’ll ever own a home, up from 27% last year. Of the Gen Zers and millennials who do expect to buy their first home soon, more than one-third (36%) expect to use a cash gift from family to help with their down payment.

Baby boomers least likely to be able to afford to buy their own home today

Broken down by generation, baby boomers are least likely to be able to afford their current home if they were to buy it today. Nearly half (45%) of baby boomers said they couldn’t afford a similar home in their neighborhood now, compared to 39% of Gen Xers and 24% of Gen Zers and millennials. That stands to reason, as baby boomers are more likely to have bought their home a long time ago for a much lower price. That dynamic contributes to the shortage of homes for sale: Empty-nest baby boomers own twice as many large homes nationwide as millennials with kids, largely because older Americans, with no financial incentive to sell, are hanging onto their homes.

Unsurprisingly, lower-income homeowners are least likely to be able to afford their own home today. More than half (51%) of respondents earning under $50,000 annually wouldn’t be able to afford their home, compared to 34% of people earning $50,000-$100,000 and 21% of people earning more than $100,000.

To view the full report, including a chart and more details on methodology, please visit:
https://www.redfin.com/news/survey-homeowners-afford-own-home

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