Homeownership rates among younger Americans have declined sharply, reaching a low of 65.1% as economic challenges hinder their ability to buy homes. Many are looking at fixer-uppers as a more affordable option to achieve homeownership. A significant percentage of younger generations, including Gen Z and millennials, express willingness to purchase homes needing renovations, contrasting with older generations. Personal stories, like that of Austin Hair, highlight the strategy of investing in fixer-uppers and the challenges faced in the current housing market, revealing a desire for home equity despite financial concerns.
"The financial hurdles to owning a home have rarely been higher, especially for young households that don't yet have their foot in the door," says Scott Anderson, chief U.S. economist at BMO.
Austin Hair, a former professional wakeboarder, explains, "The place was in rough shape, but that's what made it affordable. Renovating the home took about a year, and while it was a significant amount of work, the sweat equity I built up laid the foundation for future investing."
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