Housing is no longer affordable for a record number of Americans. According to Harvard’s Joint Center for Housing Studies, more than 43 million households pay more than 30% of their gross income for housing.
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But if you ask members of different generations who or what they blame for high home prices, you’re likely to receive mixed answers. Read on for more details about the current state of housing affordability in the U.S., as well as what some generations blame for the problem.
Also see how President Donald Trump is impacting the housing market right now, according to Dave Ramsey.
The Current State of the Housing Market
The cost of an average home in the U.S. is out of reach for many Americans at $367,969. “Housing affordability is still at its worst point in history,” Robert Frick, a corporate economist with Navy Federal Credit Union, told Forbes in May.
In fact, as reported by CNBC, among the 100 largest metros in the U.S., over 40% are dealing with a lack of affordable housing. These metros include Washington, D.C., and Seattle.
But what — or who — is to blame for housing unaffordability?
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Blaming Other Generations
“Most Americans — about 80% — agree the housing crisis is a real problem, but that’s where the agreement ends,” said Nick Pisano from Clever Real Estate. “Boomers and Gen X point the finger at millennials for driving up prices, while millennials blame boomers for shutting them out of the market.”
Pisano led the creation of a report on homeownership based on a survey from Clever Offers of 1,000 Americans across generations. For high home prices and the affordable housing crisis, 33% of boomers and Gen Xers said millennials were most responsible. However, 35% of millennials said boomers were most responsible.
Overall, three-quarters or more of each age group said that homeownership is unaffordable for the average American, and most agree that the U.S. is facing an affordable housing crisis.
Blaming Those in Power
Politics also play a factor. According to the report, 50% of boomers, 53% of Gen X and 61% of millennials blame the Trump administration for being responsible for the lack of affordable homes. In fact, Forbes reported that home prices will likely remain high due to the administration’s trade wars, which have caused price increases.
Further, 59% of boomers, 68% of Gen X and 68% of millennials blame banks for high housing costs.
“Millennials are more likely to hold Trump responsible than the older generations — though more than half of every generation blames the current administration,” Pisano said. “Also, 61% of millennials blame Trump and 68% blame the banks, showing their frustration runs deep with both Washington and Wall Street.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: From Banks to Trump: What Each Generation Blames for High Home Prices
