Is the 'American Dream' of owning a home dead to young Americans?

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KTLA's David Lazarus reports on the average age of homebuyers in the U.S. rising by six years since 2023, from 49 to 56. Nov. 4, 2024.

KTLA 5 News - Keeping Southern Californians informed since 1947.

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Now we don't have enough money to afford a burial, we don't have enough money to afford a roof, we don't have enough money to eat, we don't have enough money to sleep! What a joke. All by design, folks. All deliberate, and all by design.

handsuporillshoot

We live in modern day slavery, so yes, the American dream is dead

yvdtjel

These days it's cheaper and less stressful just to be homeless or to be nomad living from your car or from place to place. Just go live in the forest somewhere. Learn to build a house and grow your own food. go off the grid.

handsuporillshoot

Greed! Greedy people, government, state officials, etc have priced out all of us working class folks from buying a home. They also have the nerve to raise the rent on singles/studio and one bedroom. So in other words if you’re wealthy you’re good while the rest of just get forgotten in the mist of poverty. Frustrating….

rowbehr

Surprise! The answer is YES. Especially in California.

exastra

You need to make anywhere from 3-6 times the average wage to afford to buy. What else do we need to know.

CryingOrc

That's the result of not punishing the institutions that created the GFC in 2008, They started buying homes for pennies on the dollar between 2011 and 2018. They had the access to loans at 0% interest and capital if needed. Underwater by Ryan Dezember was a great book to highlight how young Americans were priced out of the American Dream.

Oscar_Von_Doom

Remember when families could afford a home on a single spouse income, then it required a dual got bad news for y'all, you're going to need 3 incomes, so you better start putting your children to work 🤔. More children you have, the more income you'll have for your American Dream 🤣

AKAAAK

The american dream itself is dead. Those hoping for the American dream to happen are living a nightmare. Especially here in California.

elpepedepepes

Investors own a huge percentage of residential property in California now. Families have to compete with deep pockets and then they can hold them empty for a while to jack up the rents. I always tell people to stop blaming older homeowners for staying in their homes because if they sell it’s probably going to go into the vast inventory of another investor entity.

lg-iipm

yeah back then universities weren't that expensive and you could get like two 3 full carts of food with $230 of weekly groceries

pleasantdreams

Rent control will drive investors not to buy, increasing inventory, driving home prices down and affordability back.

jamesyoo

Hard to “OWN” a home when rent is shaking me down to my damn socks .. we DONT HAVE ENOUGH MONEY !

CaliforniaDreamin

Home owner on a single income looking to buy a house and even that is impossible with the money I have from the sale of my previous property. What makes it even tougher is finding a seller who will entertain am offer with a VA home loan. Conventional loans can offer higher amounts and they can waive contingencies.

markbrennan