By Elizabeth Zach, RCAC staff writer
The majority of young Americans say they cannot afford to buy a house, citing student loan debt and rising childcare costs, according to the federal housing lender Freddie Mac’s report.
The renters and homeowners’ survey, “Profile of Today’s Renter and Owner,” found that more than half of Americans feel unable to afford a monthly housing payment.
“Our research confirms much of what we see in our business every day—affordability remains the essential factor when it comes to determining whether to rent or purchase a home, and the cost of housing is having a significant impact on households of every age, size and location,” David Brickman, president and incoming CEO of Freddie Mac, told Yahoo! Finance. “For millennials and many Gen Xers, buying a home is no longer just a decision based on housing and housing costs—increasing pressure from student loans and the rising cost of child care are having a significant impact.”
To read more, go here: http://www.freddiemac.com/research/consumer-research/20190626_new_survey_affordability.page