ROCHESTER, N.Y. — The joys of home ownership are out of reach for most young people. According to the National Association of Realtors, the median age of first-time homebuyers is 40 years old.
RELATED: ‘Impossible’: Rochester real estate agent Mark Siwiec on the challenges of 20 and 30 year-olds trying to buy a home
A recent survey by Operation Hope, a financial literacy nonprofit, found that 80% of millennials admit to survival spending, being forced to stretch their budgets to meet basic needs.
“Many young adults are dealing with high fixed costs that eat up most of their paycheck before they even have a chance to get ahead. So it’s the rent, the groceries, the student loan debt, the childcare,” said Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance.
The situation was dramatically different for their parents. In 1990, the median age of first-time homebuyers was 28.
“For a lot of Gen Z and Millennials, the prior generation left a blueprint that has very high expectations that a lot in these generations now aren’t able to meet,” said Dr. Rasure.
In fact, 57% of young adults surveyed believe their generation was set up for financial failure. But experts say financial wellness can be achieved with consistency.
“Focusing on small repeatable actions like contributing to an emergency fund, even if it’s only five dollars, do that five dollars right now. A little bit is better than nothing,” Dr. Rasure said.
Experts also recommend not being afraid to get help tackling debt. There are a number of nonprofits that can help, like Consumer Credit Counseling of Rochester, the National Foundation for Credit Counseling and GreenPath.
RELATED: Consumer Alert: How to tackle credit card debt
“Support exists and progress is still possible. You are not behind. You are not alone. You are just getting started. Give yourself a chance,” explained Dr. Rasure.
Consumer Alert: How Gen Z and Millennials can overcome ‘survival spending’ WHEC.com.
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