Study Shows US Home Buying Is So Traumatic It Makes Almost 2/3 of American Gen Zers and Millennials Buyers Cry
A new Zillow survey says that US home buying has become increasingly challenging. The study says that at least half of Americans have reported crying while going through the process.
The report states 65% of Gen Z buyers and 61% of Millennials reported crying while trying to buy a home. Meanwhile, Latinx buyers were far more likely to cry than black and white homebuyers.
Zillow Expert Amanda Pendleton told business Insider:
Buying a home is not like buying any other asset. It is deeply personal and it’s emotional. When you make an offer on a home, you have likely envisioned your life there. If you lose out on that home to a stronger offer, it can feel like losing a future you have already started planning.
The trends reflect an increasingly competitive market. Unfortunately, this is a trend that continues to price out millions of homebuyers in the US. Millennials and Gen Z buyers more reliant on financing to buy a home. They are forced to compete against a rising tide of all-cash and investment purchases.
In its 2021 Consumer Trends Housing Report, Zillow found 60% of homeowners had at least two offers on their homes. However, nearly half of all homes sold in April went for below asking price.
Increasingly competitive conditions are driving the housing market. It is also dealing with historically low levels of supply. However, data from Realtor.com suggests inventories rose last month for the first time since June 2019.
The spectre of a recession is expected to throw cold water on rising prices, and is even forcing some luxury home buyers to change their behavior, but continued shortages and an expectation that prices will remain stable mean buying a home is unlikely to get easier.
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