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‘This is a real generational divide’: housing affordability hurts younger buyers [Video]

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Housing affordability is a massive problem, especially for younger Americans. With high mortgage rates and sticker shock, many buyers are having to get creative to buy a home.

Jeff Ostrowski is an analyst for Bankrate. He says younger generations are feeling the brunt of the housing crisis because they have no equity to build on. “This is a real generational divide,” Ostrowski said.

With the average home cost hovering around $400,000, wage growth hasn’t come close to keeping up with the cost of housing.

So, what can first-time buyers do?

1. Consider a smaller down payment

Ostrowski says you may need to accept that saving the traditional 20% down payment on a home may be out of reach right now. “It’s perfectly acceptable to put down 5% or 10%,” he said. “Saving up $80,000 while you’re also dealing with the skyrocketing rent and student loans and credit card debt and everything else. It’s just really difficult.”

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