With home prices high, American families are grappling with the prospect that homeownership might remain out of reach for them for a long time.
Sunday, February 2, 2025 12:16AMThe Petersen family's two-bedroom apartment in northern California is starting to feel small.
Moving out of state is out of the question for the Petersens - they have strong family ties to the area and their income would plummet if they move to a lower cost-of-living area. "I'm not willing to give up my job and close connections with my family for a house," Petersen said. The biggest driver of this trend, experts said, is simple: There are far too few houses on the market to match pent-up demand, driving prices past the point of affordability for many people who are relatively early in their careers. Coupled with high mortgage rates, many have concluded that renting is their only option.
McCabe said millennials are getting married later, having children later, have a stronger desire to stay in cities and, especially due to remote work, value the flexibility of being able to move with ease - all of which he said could prompt an end to the notion that homeownership is the "apex of the American dream."
Petersen said she'll "always hold out a little bit of hope" that homeownership will be in her family's future. But if they find a townhouse to rent that has space for her kids and fits within their $3,600 monthly rental budget?Lifelong Boston resident Julieta Lopez, 63, spent decades hoping to buy a home but watched as prices became increasingly out of reach.
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