This year’s housing market was full of highs and lows: High mortgage rates and home prices and low morale for younger generations yearning to achieve the American dream. Mortgage rates peaked at 8% in October before retreating somewhat, while home prices have been rising since January, pricing many people out of the real estate market.
Buying a home has been top of mind for millennials and Gen Zers this year, with about 60% saying they think homeownership is more important than it was during their parents’ generation, Bank of America Institute said in early December. But it doesn’t seem to matter how badly younger generations want to buy a house—there are too many barriers for many of them to break into the housing market.
