The housing market has changed a lot since the oldest Baby Boomers were born, but one thing that hasn’t changed is that most Americans still view buying a home as essential to achieving the American dream. That’s according to a recent survey from online real estate brokerage Clever Real Estate, which found approximately 90% of respondents across all generations feel this way. At the same time, three-quarters or more of each group say that homeownership is unaffordable.
The reasons for the lack of affordability in the housing market, however, varies by generation. Of those surveyed, 93% of those in Generation X and 91% of Millennials blame inflation, while 91% of Baby Boomers and Gen Xers and 89% of Millennials also blame high interest rates. High property taxes are also to blame, according to 92% of Baby Boomers, 87% of Millennials, and 86% of Gen Xers.
Although all generations seem to recognize the problems in the housing market, who’s responsible is a more open question. Around a third of all respondents (31%) blame millennials most for the current affordable housing crisis, just ahead of boomers (27%).
Notably, 35% of millennials selected boomers, while only 25% of boomers picked themselves. Meanwhile, 33% of boomers blamed millennials, while only 21% of millennials pointed the finger at their own generation. Read more
