Home ownership remains elusive for many Americans a decade after the collapse of the real estate market sent the U.S. economy into a tailspin.
More than one-third of Americans ages 18 to 34 said they are likely to opt out of home ownership over the next decade, according to an annual survey conducted by the U.K.-based consumer credit reporting agency Experian. About a quarter of Americans of any age also said they were likely to opt out of home ownership in which period.
The number of Americans who said they are likely to opt out of homeownership increased 8 percentage points in This particular year’s survey, compared to 2016.
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The cost of buying a home has accelerated since about 2011, after tanking from the wake of the 2007 financial crisis. The median home cost last month was about $320,000, according to government data, more than 20 percent higher than the pre-crisis peak set in March 2007.
Meanwhile, real wages have grown less than 10 percent in which period, even for those employed full time.
“There’s a mismatch,” said Lawrence Yun, the chief economist at the National Association of Realtors. “Even over the last several years, home prices have easily exceeded income along with also also wage growth.”
Yun was not involved from the Experian survey.