“Housing has become so financially burdensome in America that some families can no longer afford other essentials,” Redfin’s economics research lead said.
“Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime, and ask others for money so they can cover their monthly costs,” Redfin’s economics research lead, Chen Zhao, said.
Mortgage payments are close to an all-time high, and it’s no longer clear when or if the Federal Reserve will cut interest rates this year, especially after today’s hot jobs report.
From the survey, we know that millennials, baby boomers, and Gen Xers dipped into their retirement money for housing costs or skipped vacations.
It also referred to a 2022 Pew Research Center analysis that found a quarter of American adults, from 25 to 34 years old, lived in a multigenerational family household in 2021—that’s up from 9% in 1971.
And as Fortune has previously reported, moving back in with Mom and Dad is so common, it has pretty much lost its stigma—but it’s never really had a stigma outside of America; if anything, it’s the norm in several countries.
More recently, a generational trends report from the National Association of Realtors released this week revealed that 24% of younger millennials between 25 and 33 years old moved directly from a family home to their own.
The original article contains 705 words, the summary contains 217 words. Saved 69%. I’m a bot and I’m open source!
This is the best summary I could come up with:
“Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime, and ask others for money so they can cover their monthly costs,” Redfin’s economics research lead, Chen Zhao, said.
Mortgage payments are close to an all-time high, and it’s no longer clear when or if the Federal Reserve will cut interest rates this year, especially after today’s hot jobs report.
From the survey, we know that millennials, baby boomers, and Gen Xers dipped into their retirement money for housing costs or skipped vacations.
It also referred to a 2022 Pew Research Center analysis that found a quarter of American adults, from 25 to 34 years old, lived in a multigenerational family household in 2021—that’s up from 9% in 1971.
And as Fortune has previously reported, moving back in with Mom and Dad is so common, it has pretty much lost its stigma—but it’s never really had a stigma outside of America; if anything, it’s the norm in several countries.
More recently, a generational trends report from the National Association of Realtors released this week revealed that 24% of younger millennials between 25 and 33 years old moved directly from a family home to their own.
The original article contains 705 words, the summary contains 217 words. Saved 69%. I’m a bot and I’m open source!