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By 2030, all baby boomers will be age 65 or older. What effects will this generational shift have on housing? And how can housing and community development professionals prepare for this change and ensure all populations feel that homeownership – if they so desire it – is within their reach. See press release.
Perceptions of housing affordability
Homeownership feels out of reach for many renters
1. Homeownership feels out of reach for a majority of long-term renters.
- Three-in-five long-term renters (59%) say homeownership doesn’t feel possible for them, including 41% who say it doesn’t feel possible at all.
- Nearly two-thirds of long-term renters (64%) say homeownership doesn’t feel like something that’s attainable for them.
- A majority (51%) of baby boomers who are long-term renters believe homeownership isn’t attainable for them, the highest percentage out of any generation.
2. Long-term renters are surprised by the costs associated with the homebuying process and say where they live lacks affordable options.
- Three-quarters of long-term renters (74%) say they've been surprised by how expensive the homebuying process is, and by the lack of affordable home options where they live (66%).
- More than two-thirds of long-term renters say they've had difficulty saving for a down payment (71%).
How to make a dent in housing affordability?
- A majority of long-term renters say it would be easier to transition from renting to homeownership if they knew more about different kinds of mortgage options (63%), down payment assistance programs (62%), first-time homebuyer programs (59%), and financial planning/coaching resources (55%).
- Younger millennials and Generation Z homeowners are taking advantage of homebuying resources at much higher rates than Generation X and baby boomer homeowners, highlighting the importance of the work community development organizations do to help make homeownership attainable to younger generations.
- Millennials and Gen Z homeowners are two to six times more likely than Gen X and baby boomers to have used different kinds of assistance or programs to purchase their homes, including:
- Mortgage assistance.
- Financial planning coaching/resources.
- First-time homebuyer programs.
- Credit-building resources.
- Homebuying resources in their community.
Read the full executive summary here.
Methodology
This poll was conducted between Jan. 20 – Jan. 21, 2024, among a sample of 2,204 adults. The interviews were conducted online, and the data were weighted to approximate a target sample of adults based on age, gender, race, educational attainment, region, gender by age, and race by educational attainment. Results from the full survey have a margin of error of plus or minus 2 percentage points.
