About half of Americans aged between 25 and 55 fear they will never become homeowners, a new survey from LendingTree finds. Fifty-two percent of Millennials and 55% of Gen X renters are concerned about homeownership, and an economic analyst from LendingTree says that many in the midst of their careers likely believe they will never own a home if they do not already. And it does not help that home prices continue going up while incomes lag behind, the economic analyst told CNBC.
The U.S. middle class depends on home equity as a source of wealth more so than wealthy families, who tend to own more financial assets like stocks and bonds, according to the Pew Research Center.
Americans held $34 trillion in real estate assets in the first quarter of 2021, or about 23% of total household assets, according to Federal Reserve data. Households also had $11 trillion in total home mortgage liabilities.
Lending Tree’s online survey polled 2,050 U.S. consumers from Aug. 2 to 6. The firm hasn’t conducted this survey annually, making it difficult to compare homeownership sentiment in past years.
Advertisement
Related Stories
Demographics
Gen Z Ranks Housing Affordability as Biggest Concern Ahead of 2024 Presidential Election
While the issue is most important to young voters, 80% of Americans rank housing affordability as a top priority when considering who will have their vote
Affordability
Cinnaire Closes $175M Equity Fund to Create or Preserve More Than 1,200 Affordable Homes in the Midwest
To date, the nonprofit organization has closed more than $5 billion in tax credits for affordable housing in 10 states
Financing
10 States Where Shopping Around for a Mortgage Really Pays Off
In California, homebuyers could see savings of more than $130,000 over the lifetime of their loans
