Homeownership in the US is basically synonymous with the idea of the American Dream. Owning your own home, the story goes, confers both self-determination and security — instead of paying a landlord, you own a growing asset that will form the base of your wealth. Homeownership is ingrained in US society; the majority of American adults are homeowners.
But somewhere along the line, something changed. Homeownership has been way less accessible to millennials and gen Z than it was to their parents, in part because of dwindling housing supply. But even within that generational disparity, 2023 was a uniquely bad year to try to become a new homeowner. Watch the video above to see exactly how bad, and why.
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