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Fortune
Fortune
Sydney Lake

Gen Z and millennials can't afford to buy a house, and it shows: The number of first-time homebuyers is half the historical norm

Millennials Fortune Jeff Lichtenstein Housing Market
Frustrated concerned young couple calculating overspend budget (Credit: Getty Images)
  • The American dream is on life support for first-time homebuyers, new data shows, and the landscape will remain pretty bleak for a while. Young adults are staying with parents to save money or opting to house swap with baby boomer relatives to eke out a start in the housing market.

It’s a dog-eat-dog world in today’s housing market. Mortgage rates are still hovering near 7%, and Americans need to make six figures in order to afford a median-priced home, which is currently more than $422,000, according to the National Association of Realtors (NAR). 

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