As home prices jump once more in 2018, millennials are finding it much harder to afford a home. Prices have now made it almost impossible for millennials to even generate a down payment on a home.
"One-third of millennial renters reported feeling they cannot afford a down payment to buy a home," said Frank Martell, president and CEO of CoreLogic, in a press release according to National Mortgage News.
A CoreLogic infographic shows that 63% of younger millennials do not want to buy a home due to affordability. 50% of older millennials also blame pricing with 53% of Generation X are in agreement.
"With home prices rising quickly over the past few years and supplies low, first-time homebuyers face ever-growing challenges to find and buy affordable entry-level homes. More needs to be done to help our first-time buyers join the homeownership class," said Martell, according to NMN.
According to CoreLogic's analysis, home sales in San Francisco and Southern California dipped 9% and 12% respectively. Homes prices coupled with increased mortgage rates are hindering millennials from being able to afford a home.
In addition to the rise of rates over the past couple of months, CoreLogic is also predicting home values to rise from June 2018 to June 2019, according to the NMN report.
To learn more about the millennial struggle to afford homes in today's housing markets, click on the image above.