Laden With Debt, Gen Z Faces Daunting Housing Market
Published on July 9, 2024
The concept of someday owning a home and being free of the costly burden of renting seems impossible for 27-year-old Harrison in Fargo, North Dakota. Despite having a budget ceiling of $350,000 and $30,000 in cash for a down payment and closing costs, the median home listing price for his midwestern city towers at $389,500, according to Realtor.com data. With the added expense of property taxes and home insurance premiums, Harrison, who asked to remain anonymous due to potential repercussions to his career, is worried he’ll never be able to afford a home—even with a paid-off car, zero credit card debt, and no student loans....