Overview

• An Ipsos survey for Redfin conducted in May gathered over 4,000 responses and analyzed nearly 2,000 people who reported difficulty covering housing costs.
• About two in five Gen Z and millennial renters and owners are cutting restaurant spending to keep up with housing bills, with owners at 43% and renters at 40%.
• Harder tradeoffs are also reported, including skipped meals by 22% of renters and 11% of owners, and delayed medical care by 19% of renters and 13% of owners.
• Redfin cites sustained price growth since 2018, mortgage rates near 7%, rent up roughly 22%, and rising taxes, HOA fees and insurance as key pressures outpacing wages.
• Younger owners are less secure than older cohorts, with only 59% of millennial/Gen Z homeowners saying payments are easy compared with nearly 80% of boomers, while roughly one-quarter of recent young buyers used family money for down payments.