American Dream doesn’t get a house anymore – pays the debt

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• Come down It is difficult to buy many homes related to subsequent payments in the debt, which are growing costs and many students, credit cards and purchases. In the United States, only 3% of homeowners are genes for the National Association of Realtors.

Getting a house was a long time dream of America. This is a sign of financial stability and is considered one of the latest investments that can often do.

However, the finding of this White picket fence is now saddened by paying personal debt and is inaccessible to the most likely to be behind this generation’s host Realtor.com.

Young people just want to pay their debts, a report Pay-data-data provider Pymnts intelligence. On average, Gen Zers carry more than $ 94,000 with individual debt, a Newsweek questionnaire Most debt and gene exceeds millennia about $ 60,000 X with about $ 53,000 debt. Part of the fight, how much money for rent for rent every month, it remains less to save for a less payment.

One-third of the geneals say that they are under material seams due to inflation, high interest rates and stagnant salaries, Natalia BrownAnd the principal and consumer specialist National debt reliefexplained Fortune.

“Many (Gen Zers) enters maturity with a heavy financial burdenStudent loansCredit card debt and accommodation costs increased costs, “said brown.” It feels more hard than debts, because they are justified as they activate their careers. “

“Add to Credit cards, Medical billsand Now-Subsequent servicesAnd the result is a dangerous snowball effect, “he said.

The real value of the hostility

According to Union of National Realtors (Pomegranate), Gen Zers, only 3% of the entire house builder. Considering that the mortgage rates continue to be comparable to be high, this may not be surprising, which meets to approach 7%.

Meanwhile US Home Prices have a remote wageaccording to Harvard University Center for Housing Research. The current median house price in the United States is more than $ 403,000, pomegranate information The Social Security Department shows report The National average salary index is about $ 66,600.

It would be to assume today’s mortgage rate, 20% down and national average wages essentially impossible Buy a medium-valuable home without spending more than one third of your monthly income.

Nikki Beauchampa joint broker with Sotheby’s International Realty In New York, high interest rates, said it is a key preventive factor to buy real estate for genes.

“The value of houses is higher than the previous generations and you Can not see many starting houses be built or to be, “said Beauchamp Fortune. “Student add loan debt and generally observed that the result is higher than generally (gen).”

Advice for Gen Zers who want to be home

While debt There are ways to organize your debt, to be the output and host.

Financial advisers offer to pay a high-interest debt as credit cards, as many pays a percentage of more than 25%, which can feel impossible to pay it. Student loans and car payments may be easier than budget around other debts, Elizabeth Schleifera financial advisor Armstrong, Fleming & Mooreexplained FortuneAdding a good rule is that the total monthly debt payments are less than 36% of the total monthly income.

“Look at your existing debt and determine how much space for the mortgage to pay for the mortgage,” Schleifer said. “If your debt level is already more, your only focus must lower them.”

Advisers, Gener did not buy it now, then recommended that payments as much as possible “Small, trap of recycling In addition, “Brown said.

The Beauchamp is also reminiscent of Gen Zers, there are several other ways to enter the apartment market other than traditional property.

“A property, including many different permutations of real estate, faction property It may be interesting for those who want to start starting the ladder of property ownership, “he said.

This story was first displayed Fortune.com

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