(TheLastPatriotNews.com) – The American Dream is crumbling as young Americans face an unprecedented housing crisis due to skyrocketing prices and fierce competition from wealthy, often older buyers.
This assault on traditional values threatens the very fabric of our society, leaving an entire generation behind.
The reality of this crisis is evident in the numbers. The average age of U.S. homebuyers has shot up to 56, a dramatic increase from 49 just last year.
Even more alarming, the share of first-time buyers has plummeted to a mere 24%, the lowest since 1981.
These statistics paint a grim picture of a market that’s increasingly hostile to young Americans trying to build a future for themselves and their families.
At the heart of this crisis lies a perfect storm of economic factors that are unfairly affecting America’s youth. The median U.S. home price has skyrocketed to $435,000, a staggering 39% increase since 2020.
Meanwhile, the average 30-year fixed mortgage rate has more than doubled to over 6%, putting the dream of homeownership further out of reach for many.
Senior vice president and director of residential lending at Massachusetts-based bank Rockland Trust said, “In my two decades in the mortgage business, I’ve never seen a more difficult time for millennials to purchase a home.”
Millennials now have 30% less wealth at age 35 than baby boomers at the same age. Young couples like Kelcie Lesko and Tim Khalil from New Jersey have been forced to give up on buying their first home after losing out on about 15 bids.
They have been consistently outgunned by competitive all-cash offers, often from older, wealthier buyers who are using equity from existing homes to snap up properties.
The situation is so dire that financial experts are advising young people to consider investing their money instead of buying a home.
In addition, this crisis did not happen by accident, as it is the result of years of misguided policies and government overreach.
While the country has a housing shortage of 4 million homes, with construction still below pre-2009 levels, excessive regulations and red tape stifle development and drive-up costs.
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