23 Sacrifices Gen Z, Millennials, Gen X, Boomers Make To Afford Housing
Redfin has a survey out suggesting 70% of Millennial and Gen Z renters struggle to make housing payments, and 41% of owners in this age group also struggle. But I disagree with this interpretation of the data, and here’s why.
If you remove the survey answer option that says “I sometimes struggle, but generally OK,” you’re left with 23% of Millennial and Gen Z renters who “regularly” or “greatly” struggle to make housing payments, and 9% of owners in this age group who “regularly” or “greatly” struggle.
I think it’s appropriate to place less weight on the “I sometimes struggle, but generally OK” survey answer because who hasn’t felt that way?
Dana Anderson at Redfin leads her survey analysis with this, but I think she buried the lead!
What she has further into her analysis more directly tells us how people on housing budgets behave.
It’s a table of the 23 sacrifices that home renters and owners across 4 generations make to afford housing. Lots of useful intel to digest.
I’m excerpting the table here, and Dana’s full survey analysis is linked below.
This Redfin table from a survey of homeowners and renters tells us quite a bit about how each generation prioritizes budgets and lifestyles.
___
Check It Out:
– Avocado Toast No More: Struggling Renters Forego Restaurants, Skip Meals to Afford Rent (Redfin)