Home affordability delaying life milestones for aspiring buyers

"Among those hoping to buy a home, 18% said they are delaying marriage and an identical share are postponing having children. Another 17% are holding off on changing jobs or careers or getting a pet and 16% said they are not living independently due to housing costs. Fifteen percent reported delaying starting a business or going self-employed, while 71% are holding off on at least one life milestone, the report said."

"While affordability remains a significant hurdle, the desire for homeownership among Americans is so strong that many are restructuring their lives to make it a reality from postponing parenthood to moving in with family to reduce expenses, said Jason Waugh, President of Coldwell Banker Affiliates. This report underscores that people view homeownership not only as a foundation for personal and financial stability, but also as one of the most effective vehicles for building long-term wealth often surpassing the stock market in perceived value."

"Younger adults appear to be restructuring early-adulthood milestones around affordability barriers. Eighty-four percent of Gen Z respondents said they are postponing at least one life decision until they can afford a home and nearly 29% reported delaying having children. Yet more than half of aspiring first-time buyers (53%) do not expect to purchase a home until age 40 or later, suggesting further delays in household formation."

Eighteen percent of prospective buyers are delaying marriage and an identical share are postponing having children. Another 17% are holding off on job or career changes or getting a pet, and 16% are not living independently because of housing costs. Fifteen percent delayed starting a business or going self-employed, and 71% are postponing at least one life milestone. Many people restructure living arrangements or family planning to afford homeownership. Gen Z shows the highest disruption, with 84% delaying at least one decision and nearly 29% delaying children. Over half of aspiring first-time buyers expect to wait until age 40 or later.

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