Zillow – Millennials have almost no chance of being able to afford a house. This is what can be done
Landing a house.
This has been my life for the past few months in Austin, Texas. Before work at 7 a.m., I check new listings that may have come on the market. “Check on Thursdays,” real estate agents say. “That is when the best realtors will post. The house will be up for the weekend and gone by Sunday evening.”
They are right. I look at a house one day, and the next day a little red icon says “pending.” Some say “contingent,” which I had to Google. In short, I’m toast. The current real estate market is absolutely bonkers, and it is time that the federal government make moves to increase affordable housing.
That’s tough for me to hear. I’ve scrimped and saved for years, working for AmeriCorps for $1,000 a month and doing everything I could to build up my credit score and savings account so I could buy a house. But with inventory so low, it barely seems possible.
Basically, at 26 at my median-income job, I’ll be 69 when I have enough money for a down payment in LA, or, I could head for San Diego when I’m 57.
That is not OK. We, as a country, need to find a way to allow young people a slice of the pie, an opportunity to grow their wealth and invest in something that is important for their future. The thought of letting young people reach middle to old age without an important stake in the economy is scary to think about.
But, if we can’t even get the house, that is not possible.
Bouncing back from this financial insecurity includes the chance to have a piece of the American dream — to own a home.