""I think that AI and the potential for AI layoffs is a major part of that economic anxiety that's holding people back from making a commitment to buying a home-even though it got more affordable to buy one," Daryl Fairweather, Redfin's chief economist, told Fortune."
"A new survey of 4,000 U.S. residents conducted by Ipsos and commissioned by real-estate brokerage Redfin found that nearly 3 in 5 Americans (59%) think AI will eliminate jobs and make it even harder to afford homes."
"With older generations holding the overwhelming majority of wealth in the U.S. today, one way we're seeing the Great Wealth Transfer play out is with parents helping with housing costs and even prioritizing homeownership over college tuition."
"Fairweather said negative attitudes around AI could actually be contributing to cold feet in the housing market."
The U.S. housing market has changed drastically since the post-war era, with first-time homebuyers now averaging age 40. Economic anxiety from potential AI job losses exacerbates the struggle for homeownership. A survey revealed that 59% of Americans believe AI will eliminate jobs, making home affordability more challenging. Many Gen Zers rely on parental support for down payments, reflecting a shift in wealth priorities. Negative perceptions of AI may also deter potential buyers, despite some affordability improvements in the housing market.
Read at Fortune
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