Zillennials Can't Afford to Buy Homes. So What? |
Sometimes it feels like every conversation about millennials or Gen Z fixates on the barriers we face to home ownership, as though home ownership is everybody's default goal. Ever since we crossed into adulthood, there's been a constant hum of news about how the burden of student loans and record-high interest rates put zillennials way behind where our parents and grandparents were during similar life stages, with many unable to afford the big purchases that were once the default expectation for adults. Woe is us, it would seem.
But is it?
Take Haley Sacks, for example. She's a zillennial entrepreneur and a very successful financial influencer based in New York City. She can afford to buy several homes if she wanted to. But she doesn't. "I'm a millionaire and I rent," she tells me.
So if someone like her is content to rent, why do so many Americans — over 80 percent of them — still believe owning a home is an essential part of the American dream, a marker of their goodness as an American citizen, and the best way to build wealth? |
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