Study: 70% of Americans say buying a house in 2024 'unrealistic'

AUSTIN (KXAN) — National property intermediary service IPX1031 says that results from a recent survey suggest that 70% of American feel it is unrealistic to buy a home in 2024.

"The study did show a lot of pessimism around the housing market and 2024," said Jenn Tracy, IPX1031 spokesperson. "People just cannot afford the higher interest rates and the higher prices they're seeing on the market right now. It should come as no surprise either that the younger generations are feeling this."

The company claims that 63% of Americans reported that they could not afford to buy a home. The unaffordability of housing hits 62% of Americans between the ages of 27-42 and 87% of those aged 18 to 26.

Reporting by Axios in November 2023 claims that the median age of a U.S. homeowner has climbed over the last two decades to 49 years old. For first time homebuyers, the median age is 35.

"Actually, one in three in our study said they don't believe owning a home should be considered part of the American dream anymore. For a lot of these younger folks, they feel like it's just not in the cards and not attainable for them," Tracy said.

Tracy also said that the survey results indicate a decreasing sense that buying a home makes any sense as a long-term investment.

"You're hearing a lot from Millennials and Gen Z, that they just don't feel like they can get into the housing market right now," Tracy said. "The interest rates are higher and the competition is really fierce. For them, they are looking at homeownership differently than other generations and thinking that maybe they don't need to buy a home. Clearly, it's not the best time for them, in their view, to get into the housing market."