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The American Dream Lives On (But Can the Young Afford It?)

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Twenty-one percent of young people ages 18 to 29 already own a home, and 68 percent plan to own a home within the next ten years, according to a new Gallup poll. Only 7 percent say they have no plans to buy a home in the foreseeable future.

This is the first time Gallup has asked questions about plans for homeownership, but we can’t imagine that the numbers for the young are substantially different than they were for their parents’ generation. The difference is that their parents could afford it.

Unfortunately, many of today’s aspiring young homeowners will enter their 30s and 40s with that goal remaining well out of reach. Student debt is skyrocketing, and a number of recent studies have predicted that new mortgages and homeownership will fall significantly as a result.

[Home image courtesy of Shutterstock]

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  • http://www.facebook.com/people/Luke-Lea/579129865 Luke Lea

    “Twenty-one percent of young people ages 18 to 29 already own a home . . .”

    You mean the bank owns their home. They’ll own it in thirty years.

    • Jim Luebke

      They’ll have a shot at paying it off before they retire — and maybe, just maybe, before their kids go to college.

      Better than being an eternal renter with no prospects or assets.

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