Younger generations would not buy a house if it means pinching their pennies for one
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Americans said they were burdened with various debts that keep them from purchasing a home, according to a recent report from the Freedom Debt Relief survey.
The survey showed that 28% of people in the US consider the cost of the down payment to be the largest barrier in buying a home in 2019. Meanwhile, 27% reported a lack of overall savings was the biggest hindrance; 26% said it was the cost of the monthly payment; and 19% pointed to the amount of debt they had.
Looking at the barriers by generation, 43% of Gen Z said the lack of savings weighed them down most of all, 36% said the cost of monthly payment was the largest obstacle, and 19% said it was their debt.
For millennials, down payment was the biggest barrier (39%) followed by the lack of savings (36%). Meanwhile, 31% of millennials saw the cost of the monthly payment and 25% thought their debt were the hardest roadblock that’s stopping them.
The survey also found that every generation had trouble increasing their overall savings due to everyday expenses.
