And renters expect the situation to get more dire as time goes on, according to the NY Fed. They anticipate that rents will rise by 12.8% one year from now, compared to 5.9% a year ago, according to the survey.
Home prices are rising so quickly that the typical American household, which makes about $66,560 per year, would have to set aside 26.3% of their yearly salary to own the average home, with a median home price of $320,000, last quarter, according to. The percentage is up from 21.8% in the first quarter of 2021, the largest annual increase since at least 2005.
And younger adults have less savings to draw from than everyone else. A Bankrate survey from February thatmore than 1,000 US adults found that millennials and Gen Z were more likely than other age groups to owe more in credit card debt than what's in their savings. Even with their pessimism — and the rising prices that fuel it — young adults still have been increasing their home-buying bids in recent years.
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